Equities sold off sharply yesterday following a reminder that inflation hasn’t yet gone away. Between the MoM PPI print (0.7% vs 0.4% exp., 0.5% vs 0.3% core) and Fed presidents’ commentary, rates and the USD continued to rally – putting equities on the defensive.
The trend continues this morning, with futures off as much as 36 points overnight despite it being Feb options expiration day.
Meanwhile, the financial press has finally caught on to the notion that $1 trillion in credit card debt amidst rising rates and delinquencies might not be good for the economy. Will markets care?
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