DC Lite #119
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1. Consumer inflation expectations. After 4 consecutive months at 3%, 1-year inflation expectations jumped to 3.3% (highest since November) led by home (3.3%, highest since July 2022) and gas (4.8%) prices.
2. Gas prices (I). "Yet, according to AAA, gas prices are up less than average YTD."
3. Crypto asset flows. "Digital asset investment products saw inflows for the first time in five weeks totalling US$130m."
4. VVIX. "The near 10yr low in VVIX (VIX of the VIX) is 'the clearest expression of the disappearing demand' for downside protection, according to McElligott of Nomura."
See: Thrasher Analytics Substack
5. Stocks vs. CPI (I). "We believe squeeze risks for rate sensitive laggards on a CPI miss outweigh downside risks on a CPI beat."
