You could see it almost out of the gate.  There was a knee jerk selloff in stocks, and bond yields popped.

Then, the selling stopped, and the market started to ease back.

At that point, President Biden made comments about allowing the Fed to do its job, and down the market went again.

Then it found a bottom and began to rebound.

The NASDAQ is in the plus column currently, and there is a sense that big investors will begin to ease out of defensive inflation names into deflation names.  It would be a heck of a statement if the broad market finishes higher.  But as I stated in the morning commentary, we are at peak inflation, and one day government data will catch up.

There are legitimate debates about the stickiness, but these numbers are burning like the surface of the sun. The Fed is probably still going 75 bps in July; although, they have missed a couple opportunities to go 100bps. 

With pent up buying out there, the S&P 500 could spark buying into the close.

We are not out of the woods, but $15 trillion is gone from the market in anticipation of this dilemma.