Dawn broke over Wall Street-that teak-panelled casino of cheerful delusion-only to discover the Dow in full melodrama, having hurled itself down nearly 200 points like a jilted debutante at a garden party.
0.9 %-a figure that economists, poor loves, had mis-read by a cool 0.7 %. 📊
In the gloom that followed, the S&P 500 shed its most recent laurels (a slender 0.3 %), and the Nasdaq Composite, seldom accused of modesty, retired 0.2 % to regroup among the empty Red-Bull cans.
Crypto, that electronic bazaar for the terminal optimist, surrendered 2.6 % of its collective hallucination-roughly a trillion in pocket change-while faithful HODLers rehearsed comforting mantras about “long-term fundamentals” and searched the sofa for more margin. 🤡
Why Wall Street Is Wearing the Hair-Shirt This Morning
July’s PPI-a sort of backstage thermometer inserted deep into the wholesalers’ purse-returned a reading so scalding that polite society reached for its iced tea. Month-on-month: 0.9 %. Year-on-year: 3.3 %. Core? Also 0.9 % monthly, 3.7 % annually, numbers unseen since the summer of 2022, when inflation was still considered chic.
zerohedge @zerohedge
PPI 0.9 % MoM, Exp. 0.2 %
PPI 3.3 % YoY, Exp. 2.5 %PPI Core 0.9 % MoM, Exp. 0.2 %
PPI Core 3.7 % YoY, Exp. 3.0 %
🚨 as the children say
Hence the gentlemanly panic: if wholesale prices insist on behaving like a tipsy baronet at last orders, the Federal Reserve may decline its September snip of the rate ribbon-just as one’s tailor refuses a final fitting when the waistline expands. Still, probability markets, ever the romantics, price a cut at a steady 93 %. After all, the show must go on, even if the scenery is already smouldering. 🎩🔥
Moral: In these gilded days of asset-price levitation, nothing soothes the nerves like another percentage point of return-unless, of course, it’s a second martini. Chin-chin! 🍸
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2025-08-14 19:03