Inflation overshoots (again)
Hotter than expected result for US inflation once again at 9.1 per cent (versus 8.8 per cent expected).
This is the highest inflation print in 40 years, and compounds the ongoing Biden malaise.
Core CPI is at last on the way down, at 5.9 per cent, but this figure too was higher than the expected result of 5.7 per cent.
Markets are now pricing for 150 basis points of hikes over the next two Federal Reserve meetings, and risk assets face a further shellacking.
Inflation expectations have barely budged, however, so there will be light at the end of the tunnel...one day!
