Market Update
How the market actually reacted to the CPI versus how it was supposed to react.
I wasn’t planning to write a full post today, but yesterday’s price action deserves an entire post.
The CPI number was released before the US open. Overall, this is what we could call a “friendly” print for risk assets: Core CPI came in below expectations.
One would expect US equities to close higher on the day following such news. Yet SPY closed 20 bps l…