Fed Under Pressure Again

Inflation data dropped and the market didn’t shrug it off. Energy costs are still doing the real damage while the broader picture stays stubborn enough to keep the Fed boxed in. Traders immediately started pricing a higher chance of another move next week, and the long end of the bond market is sitting in that uncomfortable zone again.

Everything from the dollar to gold to stocks to crypto is now just waiting on the next policy decision. The headline number was expected. The stickiness underneath is what actually matters.#CPIWatch