Battle of the inflation bulge

Kelly Evans's afternoon commentary & top market stories

VIEW IN BROWSER | SUBSCRIBE THU, JUN 17, 2021 YOUR AFTERNOON NEWS UPDATE AND MARKET ACTION FROM CNBC AS OF THU, JUN 17, 2021 • 12:46 ET DJIA 33702.70 -0.97% -330.97 S&P 500 4207.84 -0.38% -15.86 NASDAQ 14103.17 +0.45% +63.49   EDITOR'S NOTE Consider the following and then tell me what you think is going on.    Paul Tudor Jones, on Monday: "If they say, 'we're on path, things are good' then I would just go all in on the inflation trades. I'd probably buy commodities, buy crypto, buy gold."   Trading as of 12 p.m. Thursday: Gold -5%, Silver -7%, Copper -4%, Palladium -10%, Bitcoin -0.5%.    Conclusion: Fed was hawkish.    David Tepper, to Scott Wapner this morning: "I think the stock market is still fine for now," despite the hawkish dots yesterday.    Trading as of 12 p.m. Thursday: Dow -1%, Russell -2%, Vix +4%, Nasdaq positive. And the yield on the 10-year, which spiked to 1.54% after the meeting yesterday, is all the way back down to 1.48%.    Conclusion: Fed was maybe too hawkish, but Tepper says it will be fine.    Conclusion: If the Fed was possibly too hawkish by barely lifting its rate-hike forecasts, then the market thinks deflation is still a bigger threat than inflation.    Conclusion: Then the Fed should have done nothing, which would have goosed the inflation trades, thus reinforcing the price-pressure-problems and all the NGDP vs. potential GDP problems Michael Darda has been warning about.    Conclusion: Or maybe the Fed got it just about right?   Conclusion: My head hurts.    See you at 1 p.m!   Kelly Kelly Evans Twitter: @KellyCNBC Instagram: @realkellyevans KEY STORIES  Obamacare survives after Supreme Court rejects latest Republican challenge The Supreme Court ruled against Texas and other Republican-led states seeking to strike down the Affordable Care Act in its latest high court test. Biden to sign Juneteenth bill, creating first new federal holiday in decades Juneteenth National Independence Day will become the 12th legal public holiday, and the first new one since Martin Luther King Jr. Day in 1983. Jobless claims show surprise increase to highest level in a month Initial jobless claims totaled 412,000 last week, an increase of 37,000 from the previous week and higher than the 360,000 estimate. Supreme Court sides with Catholic adoption agency that refuses to work with LGBT couples Chief Justice John Roberts wrote that Philadelphia violated the First Amendment by refusing to contract with Catholic Social Services. The fast-spreading delta Covid variant could have different symptoms, experts say The Covid delta variant that was originally discovered in India is now spreading around the world. Stocks making the biggest moves in the premarket: CureVac, The Honest Company, Fisker & more The stocks making the biggest moves in premarket trading include CureVac, The Honest Company, Fisker, and more. Billionaire investor David Tepper says 'the stock market is still fine' after Fed announcements Hedge fund legend David Tepper thinks the Federal Reserve did a good job in showing that policymakers are not asleep at the wheel. House votes to repeal 2002 Iraq War authorization as Senate prepares to take action Congress is moving to rein in presidential war powers nearly a decade after the Iraq War ended. Ford says second-quarter earnings will 'surpass expectations' Ford said its adjusted pretax earnings for the second quarter will "surpass its expectations," while net income will be "substantially lower." There are 3 types of employees. Here's the rarest one—and why psychologists say they outperform everyone else How you interact with colleagues and bosses play a crucial role in your career success. Social psychologists call this your reciprocation style. Find out which type matches you best—and why there's one in particular that points to higher success, productivity and intelligence.     IN CASE YOU MISSED IT Here are the highlights from Biden's presser post-Putin summit Biden on Putin: Can look back in 3 to 6 months to assess progress Biden: See genuine prospect to improve Russia relations   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS