S&P 500 futures are down 74 points, or 2.1% ahead of the open.
According to Bespoke, this will be the fourth time in the last five CPI prints that the index has gapped down by more than 1.5% at the open. It's an ugly picture of a central bank that fell way behind the curve and is unable to get ahead of it.
I have to wonder if the Fed begins to signal a terminal top above 5%. RIght now the market is pricing in 4.91% as the top and a likelihood of a Q1 pause but that could unravel. Everything will be on the table as services and core inflation accelerate. It's a ugly picture and it will be reflected in stocks.
The spot to watch today is 3500.
