Howdy market watchers. One week until Christmas and two weeks until 2023 is here. It is officially last-minute shopping at this point.
Reduced holiday trading volume seemed to already set into markets on Friday after a week with plenty of headliners. November CPI data on Tuesday showed that Fed tightening is working with a monthly increase of 0.1% versus 0.3% expected and annual increase of 7.1% versus 7.3% expected. Core CPI, excluding volatile food and energy, increased 0.2% for November versus 0.3% expected and 6.0% annually, also 0.1% lower than forecast.
This is the bad news of a slowing economy that’s good news for the market as stocks reacted with an immediate and momentous near 1,000-point rally on the Dow before reversing closing the day up only 138 points….