INTRADAY ALERT: March CPI creates max pain moment. Why is CPI "hot" but U Mich shows falling inflation expectations? "hot" CPI due to same issues --> auto insurance and auto-related

March CPI released came in "hot" with Core CPI of +0.36% vs Street of +0.30% and this is triggering a sizable sell-off in equities. This is fueling the skepticism of the "inflation is stubborn" cohorts, but as we discuss below, this is a "maximum pain" moment for stocks -- that is, today's reaction is the worst moment of the reaction. Meaning, this is arguably a buy the dip moment.

Core CPI came in above consensus at +0.36% vs Street of +0.30%. This is a disappointment be...

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