The hot PPI sent markets spiraling lower initially, but eventually the major indices recovered to end flat-- a whole lot of running to stand still (hat tip: Bono). Eventually a rotation emerged, as investors pivoted back into mega-cap tech and away from the cyclical/SMID-cap stocks that have had been benefitting the past few days. The Russell fell 1.2% after having an +5% in the earlier half of the week. Yields rose ~5-6bp across the curve and market odds of a 25bps Fed cut on September 17 sli…
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