It has been a strange week for macro and an unprofitable week for me as I thought the weak CPI and repricing of July FOMC would be bullish stocks. Not so much! Instead of an eye-popping rip higher in equities, we got a big repricing of the AI trade as many factors conspire to make people nervous about the sustainability of infinite U.S. spending on data centers and Ludacris leverage in retail ETFs. This selloff in stocks comes on the heels of a multi-standard-deviation miss in both CPI and PPI and July FOMC odds dropping from around 50/50 to zero. Normally, a big Fed repricing like that would lead to a lower USD, ... (full story)