“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) February 13, 2024
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”?
Tyler Durden
Tue, 02/13/2024 – 09:02
