PPI Vs. CPI

An all out war

I didn’t write anything yesterday other than a quick note because I wasn’t sure what to say. CPI came in hotter than expected, followed by a very weak 10Y auction.

My portfolio was close to flat as the bond shorts offset the equity, crypto and gold longs.

Today, PPI came in quite low and we rallied big. Though bonds still fell. So today was a great day.

I …