Friends
It’s already been a wild day for stocks. I am going to be seeing a client this afternoon, but I wanted to touch base about the CPI number this morning. The month over month increase in prices at the retail level were hotter than expected and the year over year number was also higher than expected, coming in at 8.2%. Yes, inflation has come down from this summer’s highs of over 9%, but not nearly at the pace that the Fed would like to see- meaning that rate hikes are still coming.
Stocks were up in the pre-market hoping for a better CPI number, but those hopes were dashed with the release at 7:30. At the open of trading the Dow fell more than 500 points but saw a reversal by mid-morning and stocks move smartly higher. So, quite a roller coaster ride already today.
We’ll let you know how things finish up at the close. I would expect more volatility between now and then.
Have a great day!
