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Ugly Treasury Auction
Please click here for a chart of Nasdaq 100 ETF (QQQ).
Note the following:
- The chart shows a big rally when the CPI numbers were reported.
- The trigger for the rally was that the Core CPI came lower than the consensus.
- Fed’s Brainard took the steam out of the rally by saying that inflation was too high and getting inflation down was the Fed’s most important task.
- The chart shows when the results of the 10-year Treasury note auction were reported.