Inflation Didn't Disappoint the Bulls

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I knew this was going to be a wild day and it didn't disappoint. 

As you know, I mentioned that the fix was in following Tuesday’s better-than-expected 10-yr Treasury note auction and here is a headline to prove it: *POWELL: WE WERE BRIEFED ON INITIAL CPI READING THIS MORNING. I argued that Powell was out of bullets and he was. 

Net net, it's exactly like I said — FIXED. 

For years the PitBull asked me why can't we ever get any front-run information and I tell him the same thing everytime: "We don't have the better theater seats, we sit in the bleachers.” 

In reality my S&P desk heard all sorts of hot stories and about getting long or short and guess what? None of them worked over 35 years and we are still waiting!!!