The Fed Almost Always Loses Inflation Battles

But this time is different™️

Last week was an unusual one with a surprising amount of volatility for a week where the VIX closes in the 12 handle.

I don’t think there was a lot of signal in the PA, with it having to do more with end-of-month strangeness than any fundamentals of this market. In fact, the fundamental data we got was fairly bullish, with GDP coming in a touch under exp…