
What a great day to rebalance. The market's down. It's 1:00 PM. It's down 3% for the S&P 500. Why did the market react as it did? So consumer price point numbers came out for August, and prices were up 8.3% year over year. It's actually a slight deceleration from the month previously due to a 10% drop in gas prices. However, what the market really cares about is core inflation. And core inflation came in at 6.32% versus about 6.1 for estimates, and I think it was 5.8% the month before. So core inflation is still gaining steam. That means it's pretty much guaranteed that at the next Federal Open Market Committee, there's going to be another 75 basis point rate hike. When there's a 75 basis point rate hike, interest rates go up across the board. Treasuries are already going up in anticipation, and when yields go...
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