Ok, all better then? Turns out Charlie Brown can kick the football after all. Never has YOY inflation of 7.7% looked so good. In 6 of the last 7 CPI readings, the annual rate came in ABOVE estimates and so investors were reticent for good reason heading into today. It led to some pessimistic positioning as opposed to CPI’s past. So when the under came in and by a fair amount, the pressure valve exploded. Inflation may be cooling but the market was suddenly red hot.
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