Boom!

ANGLES. · Sep 18, 2022 · 6m

Monday was mostly just about positioning going into the next day’s inflation print (although the surprisingly effective counter-attack by Ukrainian forces also came into play somewhat). A narrative slowly built throughout the day that maybe future inflation might not be as elevated or persistent as was previously feared and that we might expect to see an appetizing Consumer Price Index (CPI) number, boosted by the fact that three-years-ahead inflationary expectations dropped to 2.8%, the lowest since early 2021, in advance of Tuesday’s release of the latest data.

And then BOOM! The CPI…