Bulls Back in Business! 4 Now

CPI, 10Y Auction and Record Debt

We have a lot to get into and unpack so let’s get to it. We aren’t surprised at today’s equity blowout in the Nasdaq in particular especially after the late yesterday 5 for 1 Tesla stock split. Which if today’s moves are any indication, seems like a most opportune time to announce a stock split the next time it looks as if the equities are about to take a dump, maybe Google or Amazon could pull this same trick out. All of this backed up by continued support from the Federal Reserve of course.

First up this morning we had CPI:

• CPI rises +1.6% YoY vs +1.1% exp.

• CPI rises +0.6% MoM vs +0.3% exp.

• Food and Home Index increased 4.6% YoY

It’s that last point that we all know truly hits “home” and couple that with rising uncertainty with everything else, no wonder main street is upset. Everyone in our town is in an uproar over the lack of continuity from our schools, are we going? Full time masks? Half time hybrid flip online instruction? 3 days on 2 days off? It is absurd and the amount of taxes…