Ugly numbers reign as year over year consumer prices rose by 8.3% compared to an expectation of 8%. Most certainly this makes the 75 basis point increase in the Fed Funds rate later this month a certainty.
The S&P500 dropped by about 2% on the announcement. The 10 year treasury yield jumped by 12 basis points–ugly.
This news was not needed–but we play the hand we are dealt.