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Wall Street Reacts To Today's US CPI Shocker Which Was The Biggest "Market Surprise" Of 2023
After several months of upside surprises, markets were expecting more of the same. Instead, they got the biggest across the board CPI miss in a year, and indeed if one looks at the market reaction to the print it is shaping up as the biggest "positive surprise" response this year. As shown in the chart below, the spike in stock futures in the first 30 minutes after the release was the largest reaction to a CPI print in 2023 based on data compiled using the Bloomberg’s Market Impact Monitor. For the dollar, this is the largest drop and absolute move since January while gold saw its biggest gain post CPI since July. ... (full story)