Well, this is a mess, an inflation report so bad even the Fed might actually do something about it? Hohoho, I joke of course…
Inflation way ahead of forecast and exceeding 6% on the headline number, highest in 30 years, core month-on-month accelerated to +0.6%. Yet Fed still sticks to its ‘transitory’ narrative.
Gold has blown past resistance and the path to $1,875 is clear. Stocks offered and the dollar is bid. Bonds sold off with US 10year yields jumping above 1.480%. 30 year real yields (TIPS) touched a record low -0.595%, whilst 10yr TIPS fell to I think a record low of -1.224%. Stocks are paring losses as of send time and the USD is paring gains – so far only really gold holding onto the spike with real rates the biggest loser from all of this. Well, after the Fed’s credibility.
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