Inflation in the United States at its fastest pace since 1982 as the CPI climbed 6.8% in November. It’s now the ninth consecutive month above the Fed’s target 2%. No wonder Jay Powell finally had his “transitory” epiphany. I was hearing whispers of prints well above 7% and this is why the market is handling the news well. But make no mistake this is like whistling past a graveyard. Core inflation (excluding food and energy) climbed 4.9% which is the highest level since June 1991. Highlights are

A tenuous start to the session which is a vast improvement over Monday's start as investors continue to grapple with a wave of unknowns. What happens with aide from the federal government and Federal Reserve? What happens with the election? What happens when covid-19 cases increase in the fall? Meanwhile, investors have decided that growth names have pulled back enough to be safe havens again as tech was the only sector winner yesterday and is powering ahead with communication services today. So

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