CPI Update

In-line results have the markets unsure of direction so far.

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Our Lean — Update on CPI

An in-line CPI report has the markets unsure of what to do next. The ES ran to ~4020 ahead of the print, then faded to 3954 immediately afterwards. Now it’s back toward the highs. 

I think some comments from the Fed’s Harker (a voting member) has investors feeling a little relief. The Fed will likely continue its hikes, but in a less aggressive manner. That in itself is difficult to process. It’s bearish that they’re hiking, but bullish in the sense that “the worst is behind us” and we’re likely done with the big hikes. 

Our Lean: