"Everyone has a plan until they get punched in the mouth..."
The soft-landing, Fed-will-cut-and-save-us-all, but mega-cap-tech-to-the-moon narrative just got punched in the mouth by a CPI print so ugly I wouldn't touch it with yours.
Most significantly SuperCore - which The Fed has highlighted - soared higher...DEFLATION! pic.twitter.com/FKgs69majy
— Vince Leos (@VinceDeMerkato)
Not a pretty picture and rate-cut odds puked (March how less than 10% and 2024 now pricing in less than 4 total cuts)...
Stocks are puking hard led by Small Caps and the Nasdaq...
Its over-reacting for now...
Bonds are a bloodbath with the short-end jumping by over 12bps...
The dollar soared to its highest since Nov 16th...
And gold is the mirror of the dollar...
Can the momo-chasers "handle the truth"?