Backsliding.
Last week saw some damaging backsliding for two of the three primary market drivers (how hawkish the Fed needs to be and China lockdowns) and no meaningful sign of progress in the third (Ukraine).
After the market indexes kind of meandered around without much direction early in the week, a sense slowly began to build that Friday’s inflation number might end up being more troubling than had been previously assumed. This was perhaps triggered by a second warning in the space of three weeks from Target (TGT) on Tuesday that the company would be forced into cutting prices — and profits — to pare…
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