Wrap
The fallout from yesterday’s CPI print is still being felt. The money supply is the only thing that matters, and the Fed is the only central bank that matters. After a 160 point move in SPX yesterday, there was a 100 point move in the other direction today. This gave a bearish tint to all risk assets and (predictably) dragged down energy commodities. Basically every traded commodity was down, as were large commodity stocks ($XOM down 2.65%). Of course, most commodity-oriented emerging market equity indexes were down too, e.g. Bovespa down 1%. Bitcoin was down 1%, but seems to be holding up remarkably well at ~$19K. Ethereum was up, but having falled from ~$4.8K to ~$1.3K in the course of the last year.
#TheWeekInTory
— Russ Jones (@RussInCheshire) October 14, 2022
tl:dr – AAAAAAAAAAAARGHHHHH!!!
I’m sorry. This is the biggest yet.
So drink heavily, and let’s begin what seems 1000 years ago, but was actually this week
[ Cue wobbly flashback effect ]🧵
Summary: Truss is having another bad week.
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Note
I am still not returned to normal after my holiday. It makes you want to skip holidays altogether: my father’s solution to this problem.
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