The August Consumer Price Index report landed on September 11. Stocks dropped, gold dropped, Treasury yields spiked toward 5%, and then markets reversed course and clawed back losses.
The Bureau of Labor Statistics reported that CPI rose 0.4% month-over-month and 3.4% year-over-year. Core CPI, which strips out food and energy, came in at 0.3% monthly and 2.4% annually.
The numbers behind the nervousness
Brent crude oil surged past $100 per barrel, reaching between $108 and $110 amid geopolitical tensions involving Iran and supply disruptions in the Strait of Hormuz.
The Producer Price Index, which dropped before CPI, had already come in hotter than expected.
