"The Fix Is In" Ahead of the CPI

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Our View

I'm going to keep this light: the ES has closed higher for its 36th record close. 

What I think is, the markets are smelling out a rate cut — the $5.5 billion to buy on Monday, Powell saying the Fed is inching closer to a rate cut, and BofA seeing the 5th largest week of equity inflows in their data history since 2008. 

Last week — during which the S&P 500 was +2.0% — BofA Securities clients were net buyers of US equities for the first time in three weeks (+$6.1B; 5th largest in history). Clients bought both single stocks and ETFs; single-stock inflows were the largest in their data history (since '08). 

This will be followed up by a lower than expected CPI number in my opinion...The fix is in!