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Yields Do NOT Pass The Vibe Check

January 14, 2025

Today is the infamous CPI day, where thousands of traders panic trade a number that's already baked into every model from here to Jupiter.

The real story? Yields are up, and they're throwing hands on my stock portfolio.

CPI day is basically astrology for finance bros. We check the numbers and retrofit narratives to explain why the market did exactly the opposite of what everyone predicted. "Mercury must be in retrograde" has about the same predictive power as Wall Street forecasts right now.