The CPI print on Tuesday really moved things around. The fun bulls had was quickly spoiled by a storm of selling. 4% drop in equity indices in a single day is not something we see every day. I have to admit, I was leaning bullish before the CPI print and for the first 2 days after the print I didn’t see many signs of credit deteriorating but on Thursday and Friday I began seeing cracks. Let me start with what made me lean bullish even after the CPI:
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Weekly Credit Review - 19.09 -23.09
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The CPI print on Tuesday really moved things around. The fun bulls had was quickly spoiled by a storm of selling. 4% drop in equity indices in a single day is not something we see every day. I have to admit, I was leaning bullish before the CPI print and for the first 2 days after the print I didn’t see many signs of credit deteriorating but on Thursday and Friday I began seeing cracks. Let me start with what made me lean bullish even after the CPI: