Beware of hot PPI
|Meticulous preps and macro reading worked, and S&P 500 with some more Nasdaq leadership delivered more gains, in what was an upswing led by communications and discretionaries as well. Defensives and interest rate sensitive sectors (real estate, homebuilders, even industrials had a very muted day), which is in line with the larger theme of inflation trades (aren‘t markets trading as if the 20% odds of Jan cut were too underappreciated)?
Let‘s ha ve a look at the yields chart for confirmation (USD loves it), and as well at the Bitcoin one for advance clues as regards PPI.
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