Sunday’s inflation preview was the easy part. The hard part is navigating the next three weeks, which include:
Wednesday & Thursday, October 14 and 15, CPI and PPI, respectively, and thus core PCE.
Wednesday, October 28: FOMC decision. After the close, Microsoft, Alphabet and Meta.
Thursday, October 29: Amazon and Intel, with Apple that day or the following Monday.
Friday, October 30: the ECI, which tests the wage leg of the inflation story.
Bottom line up front:
Pinebrook’s CPI call is above consensus. Position for the chop to continue after the CPI print.