Stocks, Bonds, Gold, & Crypto Soar As Rate-Cut Hopes Rise On Small CPI Miss
A 0.1% MoM miss in Headline CPI and continued slowing in Core CPI was all the algos needed to 'buy all the things’.
The initial reaction to this morning’s data was a surge in rate-cut expectations – two cuts fully priced back in for 2024 and more than three more cuts priced in for 2025…
Source: Bloomberg
That sent stocks soaring…
…and TSY yields tumbling with 10Y erasing all of its increase since the last CPI print…
Source: Bloomberg
Gold is rising – from its pre April CPI level…
Source: Bloomberg
As the dollar dived back towards pre-April CPI…
Source: Bloomberg
Bitcoin rose on the cool CPI…
Source: Bloomberg
Of course, it’s still early in the day…
Tyler Durden
Wed, 05/15/2024 – 09:11