Stocks are falling on the heels of the latest Consumer Price Index inflation report after the numbers came in worse than expected.
CPI year over year came in at 2.4% versus expectations of 2.3%, and 3.3% vs. expectations of 3.2% year over year excluding more volatile food and energy prices.
Excluding food and energy prices year over year is the Fed’s main number it considers, and it says that inflation is worse than it was a year ago (3.2%)…
That’s not good!
We also learned from the FOMC minutes released Wednesday afternoon that the Fed thought most upside risks to inflation had diminished…
And it clearly has not, and in fact it’s worse than expected, so the market is selling off because this says we need a rate hike and not in fact another rate cut.
I can’t wait to see what kind of explanation we get from Fed Chair Jerome Powell about this following a rate cut that should never have been 0.5%.
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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