The moment that CPI hit the tape, Buster Poindexter’s “Hot, Hot, Hot” popped into my head (not a song that I want on replay, but I’m stuck with it). In any case, the market is repricing the potential number and timing of rate cuts (using Bloomberg WIRP at approximately noon ET today). We are now down to fewer than 2 cuts being priced in this year. There is roughly a 50% chance that the first cut is in July or earlier, which leaves us with a 50% chance in September. I can only imagine the social media pressure that would ... And Then There Were None?