Recent data has certainly created alarming headlines. Last Friday’s CPI report showed November’s consumer prices up 6.8% versus a year ago. Not since 1982 (when Joe Montana’s 49ers beat the Bengals in Super Bowl XVI) has that number been so high.
But as one analyst put it, “It was a high inflation print that was already expected and should have been priced into the market.” Offsetting inflationary worries are #Omicron’s impact on growth and the Fed’s decision to taper faster in front of potentially rate hikes...