Afternoon Note - May 12, 2021

Afternoon Note:

I wanted to write a quick note on today's market action. The CPI print this am came in FAR hotter than expected at +0.9%. This sent stocks reeling with the S&P down 2% and the Nasdaq down 2.7%. The market is now about 5% off the record highs. We are back to where we were in early April. The 10-yr rose sharply to 1.688%. Higher inflation o…