We've been closely watching the recent range in the S&P 500. It broke late yesterday on fear of a high CPI report. I think that could have been a
We’ve been closely watching the recent range in the S&P 500. It broke late yesterday on fear of a high CPI report. I think that could have been a false breakout if we’d gotten cooler numbers. Instead, the numbers were even-hotter than feared with prices rising 8.6% y/y.
Given these numbers, you have to price in the possibility of some very aggressive Fed moves and tightening into a recession is close to becoming the baseline.
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