Inflation Now "Entrenched" As Market Cross Currents Hit From Every Direction: Kenny Polcari
38 year veteran of markets Kenny Polcari shares his take on yesterday's CPI chaos and what's ahead for markets.
Friend of Fringe Finance and well known financial news contributor - as well as 38 year veteran of markets - Kenny Polcari has been kind enough to share his most recent thoughts on the market with our readers.
I’ve been lucky enough to be friendly with Kenny for about a decade now, and he was the first guy to ever take me on what I can only describe as an unauthorized tour of the NYSE trading floor, where I got to personally tell several confused specialists and market makers that the Chinese names they were trading were frauds that didn’t even exist.
The tour didn’t last as long as I would have liked, to say the least. But I’ve always appreciated Kenny’s willingness to welcome people into his busy world for nothing in exchange, and his decades of experience, which gives you a pulse on markets that only time can help you recognize.
For those who aren’t familiar with Kenny or don’t recognize him from TV, he is Managing Partner of Kace Capital Advisors and Chief Market Strategist at SlateStone Wealth. He started his career on the floor of the New York Stock Exchange (NYSE) as an institutional broker back in the early eighties when the march of electronic trading was already taking its first steps, and the great bull was first learning to run.
The post has been lightly edited for punctuation and grammar.
Kenny’s Take On Yesterday’s Chaos and The Coming Trading Day
It was a crazy day yesterday. It started with a hotter than expected CPI print that showed us that core inflation m/m went up by 0.6%, more than expected and y/y inflation after taking OUT food and energy – 2 groups that are very volatile – surged by 6.6% - more than expected and more than last month.
All that does is confirm that inflation is now becoming ‘entrenched’, and for those of you that need a definition – here it is….