Everything Soars Higher As Rate-Cut Odds Jump After CPI 'Miss'

A lower-than-expected Consumer Price Index (CPI) has led to a surge in market expectations for a rate cut. As a result, stocks have spiked, treasuries have been aggressively bid, causing 10-year yields to drop 5 basis points. The dollar has also fallen, which has helped gold prices accelerate. According to Goldman, this dovish print could lead to at least two 25-basis-point rate cuts and a 2-2.5% increase in equities.