The knee-jerk reaction to the blowout CPI print was predictable and probably “correct” where “correct” means that if the bond selloff and the looming fear that an inflation shock is about to bring forward the end of the cycle and force the Fed’s hand, well then it’s time to get the hell out of dodge. But again, “how do bonds know where you’re going?”
Stocks surged on the day. This was the 9th SPX 1% move of 2018 – as far as I can tell, that’s more than all of 2017:
Fourth straight day of gains for the benchmarks.
Yeah. I sincerely hope you people know what you’re doing.
Because before the cash open, folks were singing a decidedly different tune. Have a look at this: