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A very lively two-way reaction to the US CPI data- check out the S+P 500 futures now
The immediate reaction to the US CPI report was rapid and dramatic across a number of markets. We already covered the USD/JPY and Gold and now we look at the broader stock market reaction as defined by the S+P 500.
Earlier today the index had priced the opening above 7,650 at one point. It was below that when the CPI data hit the screens and it immediately shot lower, pricing the opening around 7,615, but like the other markets that immediate reaction was very quickly reversed.
However, if we did beneath the bonnet on this CPI data we see that the Super-Core rate has been rising much faster in the past 3 months than the headline annualised data would have us believe and it is the same for the non-core rates too. So, that will not be lost on the Fed next week. The question of whether they choose to do anything about that might be a different matter though. The S+P 500 is right now priced to reopen around 7,643
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A very lively two-way reaction to the US CPI data- check out the S+P 500 futures now
The immediate reaction to the US CPI report was rapid and dramatic across a number of markets. We already covered the USD/JPY and Gold and now we look...