Don’t think we’re anywhere near out of the woods yet.
CITI’S ANDY SIEG: “DON’T BUY THE DIP”
Despite Thursday’s relief rally after Trump paused some tariff hikes, Citi’s Global Wealth head Andy Sieg is urging caution even though “peak shock” might have passed. “Don’t chase this, don’t buy the dip,” he told Bloomberg. Sieg says…
— Wall St Engine (@wallstengine) April 10, 2025
“The CPI print today was a disinflationary alarm bell, but in the context of recent repo stress, bond market cracks, and FX volatility, it’s triggering risk-off, not relief. Markets aren’t celebrating the fall in CPI they’re realizing it might not be controlled.
This is not the Fed’s soft landing. This is the system stalling at altitude.”
What You’re Seeing Right Now: A CPI Miss + Futures Dump Isn’t a Paradox, It’s a Signal
Despite CPI coming in cooler than expected Supercore CPI MoM showed a sharp downside surprise, and YoY continues its downward glidepath the S&P 500 E-mini Futures dropped hard (-2.11%). At… pic.twitter.com/dhqImUY9TS
— EndGame Macro (@onechancefreedm) April 10, 2025
NICE CPI misses, and 30-yr up 6 bps to 4.8% pic.twitter.com/1vghKW22hw
— Michael J. Kramer (@MichaelMOTTCM) April 10, 2025
BREAKING: S&P 500 futures extend losses to -125 points despite weaker than expected inflation data.
Markets think the recently strong jobs report and cool inflation data gives Trump the “green light” to continue the trade war. pic.twitter.com/mFOsdatOKP
— The Kobeissi Letter (@KobeissiLetter) April 10, 2025