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Afternoon Note

Fed Work isn’t Over

By Karina Hernandez, Senior Research Analyst
9/13/2022 1:27 PM

In the aftermath of this morning’s CPI shocking print, and the Fed in the middle of a blackout period ahead of next weeks’ FOMC decision, the Street is seeking for clues whether the Fed will hike 100bps or 75bps next week. Nomura decided to jump in and came with its own forecast. The investment bank is the first to call for 100bps rate hike next week. Nomura also forecast a 50bps rate hike in November, and in December. Nomura’s terminal rate forecast now stands at 4.50-4.75%. We have been touting 100 bps for a long time, anything can happen in one week.

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The S&P 500 is finding support at 3985 with 3900 level back in play. If that level doesn’t hold, looking at 3,785.

Sectors clearly not liking hotter CPI report.

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After initial reaction obviously the bias has shifted to the downside. We want to see key technical support levels hold.

Stocks we missed in the last couple weeks could get back to buy zones based on fundamentals- so this is not the time to look away (in at getting more excited about the washout).

RE: Today's MAKING MONEY & FOOD at HOME Stat -- THANK YOU CHARLES for your emphatic - direct on target comments (to Tomas) regarding "food inflation" and the historic greatness & dominant work US farmers do to feed the US, as well as to feed the world!! Thank you!!

Joe Reid on 9/13/2022 2:29:07 PM

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