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Daily Alert: Put your hands in the air and step away from the 100bps hike

  • It’s been a relatively volatile session overnight, with the S&P500 down as much as 2% at one point as markets have continued to digest the implications of yesterday’s US CPI print, though a late recovery means things haven’t ended up quite as red
  • All-up, it’s been a relatively rocky night for equities. The S&P500 is now down about 0.3% after that previous deep fall, while the Dow is 0.6% lower and the Nasdaq is flattish at 0.1% lower
  • Those Fed comments have undone some of the shift in the Treasury yields in the aftermath of yesterday’s CPI print 

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