The doves really took yesterday’s CPI to heart as an opportunity to show some love to previous laggards as evidenced by a major mean reversion (enter: the Russell 2000) that carried on into today’s session, undeterred by a hotter PPI reading. The data showed an increase from 2.2% to 2.6% YoY and a rise in core PPI from 2.3% to 3.0% while the odds of a September rate cut sit comfortably near 90% according to the CME Group FedWatch Tool. On the whole, economic data has been encouraging (borderlin…
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