Friday’s blistering CPI upside shocker, alongside horrible U. of Michigan sentiment and inflation expectations, basically crystallized the market’s worst fears – the Fed has a lot of work to do. And after the bleakness in crypto markets this weekend, it wasn’t a surprise to see a continuation of the gruesome play out today. There was nowhere left to hide except for USD---even the seemingly bulletproof commodities gave back a bit today as crude traded lower until the last few hours of the day in which it snuck into positive territory.
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