Haven’t seen everyone this concerned about CPI in a long time. Markets are collectively tanking pre-market to welcome this data—how many years has it been since this happened... Turns out the new Fed Chair is about to give his first speech. Tonight’s CPI is the last data point before his first public address, and the current forecast has already hit a terrifying 4.2%... Unless there’s a big surprise far from this number, meeting expectations is already bad news. Don’t ask what happens if it’s worse than expected...