One Bank Thinks You’re Not Excited Enough About Bad Data

So last week, before the CPI data hit, we said the following: Well you couldn’t have asked for a more interesting setup for Friday’s CPI print. Things were already interesting enough with this being just the latest data point that will either confirm or cast doubt on the notion that the labor market is “lying” about the state of the U.S. economy. As a reminder, this is always — always — about expectations for Fed balance sheet normalization. The data needs to be just cold enough