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Tackle Today: CPI Arrives Hotter-Than-Expected

September 13, 2022

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«Stocks throw a tantrum.»


With stocks up four days in a row and optimism riding high, the stage was set for a softer inflation print to strike. The good news would have ushered in a new round of buyers to move the rally into its next stage.

But, alas, it wasn’t meant to be.

August’s CPI Report saw consumer prices increase 0.1% in August. Excluding food and energy, the inflation gauge ballooned 0.6% – both measures were higher than expected. Year-over-year, CPI was up 8.3%. Analysts were expecting a rise of only 8%.

Stocks immediately melted on the news, sending the S&P 500 down over 2%. A 75 basis point rate hike at next week’s Federal Reserve meeting is now on lock. The CME Fedwatch tool is even pricing in a slight chance of a 1% rate hike.

Here’s what I’m looking for as a silver lining. If the markets can take the bad news in stride and buyers return in the coming days, it will be a sign of resilience and further cement the bullish undertones.

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