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Inflation Roulette vs. Cuts
Danny Riley
September 11, 2024
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Everything went pretty much as expected—a pullback and higher prices. My own opinion is that this is exactly like the last few CPI reports, with a two-day rally before the number. I readily admit that I do not know the mechanics of how this works, but I feel confident that the Fed has access to the data—all data.
How is this going to play out today? I’ve got to question: if the number is good, do they sell the news? With the ES up 112 points and the NQ up 538.75 points off its September 8 low, that has to be a possibility.
The graph below gives the bank estimates for today's CPI release:
