Well, that was a truly hectic week in markets. If you don’t like the direction prices are going, just wait a few minutes. The CPI came in hot. It was up 8.2% on a YoY basis and 0.4% for the month, which was above the 0.3% estimate. The report was ugly. Core inflation showed unexpected strength and went up 0.6% against the 0.4% estimate. Futures tanked, and it looked like it was going to be an ugly day. We were right in the middle of our research meeting, and when we emerged, markets had made ...
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