Markets Hit New Highs Ahead of CPI & Fed

Does Powell have any ammo left?

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What more can be said? 

The 10-yr note auction on Tuesday helped paint the tape for yesterday and today. I know there is a chance that the ES puked, but I think the odds of that are low. 

I will say one thing: Everyone I know is bullish — which usually isn't good. That said, I think the CPI may come in lower and patsy Powell will stand firm for a September rate cut even though he knows there won't be one in 2024. I'm leaving it at that. 

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