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Despite a flat out bad June CPI report, Fed officials sound "measured" (vs "expeditious") ...arguably enabling equities to see "less bad"

Despite a flat out bad June CPI report, equities starting to see "less bad"

In the 36 hours since the horrific June CPI report, equities have managed to better with Technology stocks managing gains.

initial "hawkish" market reaction was to price near 100% odds of +100bp for July hikebut as the Fed funds futures chart shows, this was reversed during the trading session Thuthis is the first sign, in our view, of a change in the Fed's reaction function to "measured"unlike the May CPI (June 10th rel...

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