‘Peak Inflation’ For The Win
For the second month in a row, US consumer prices rose less than expected, emboldening bets that inflation in the world's largest economy has likely peaked.
Headline CPI rose just 0.1% MoM in November, far less than the 0.3% economists expected. Core prices, meanwhile, rose 0.2% from October, likewise cooler than forecast.
The MoM core print was the slowest since August of 2021 (figure below).
Unrounded, the monthly reads on the headline and core gauges were actually below 0.1% and 0.2%, re
It’s still early-ish, but it looks like markets are remaining well behaved. Feels like a warm blanket made out of 1200 thread count gamma is wrapping things in a tight embrace.
I’ve been elsewhere all day today. All I’ve seen today is people who believe inflation is OVER.
More than half of them actually believe the Fed will announce they are REDUCING rates tomorrow.
Well, come on over baby
Whole lotta crazy goin’ on
Come on over baby
Whole lotta irrational exuberance goin’ on
We ain’t fakin’
Whole lot of crazy goin’ on
H-Man, Euphoria turned into reality. A cool print juiced the market early but then reality that a 7% print is not nirvana.