Copper, Gold and Trading the Fuzzy Cloud

Send us a text I began with CPI, but as usual, I ended up somewhere between Beethoven and gold. The headline CPI 3%, core the same. The whisper was higher. The market calls it “Goldilocks.” Not too hot, not too cold. I call it “Never be a dick for a tick.” That’s how you survive this racket. Everyone obsesses over decimals while the system quietly breaks and remakes itself. The models are wrong, the Fed’s neutral rate misplaced, and shelter data a bad joke. Markets have music. Sometimes off k...