Investors have had today circled on their calendars since November 10th, hoping for a continuation of CPI prints that are decelerating y/y. The importance, especially ahead of the FOMC tomorrow, could be seen by the early what-if’s that had been cycled via strategy desks. One had broken down how the S&P 500 would react depending on the actual print, while others looked at previous performances on CPI days.
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