Gold & Crypto Surge As Soaring CPI Sparks Hawkish Jump In Rate-Hike Odds

This morning's shockingly hit CPI print (on top of yesterday's record PPI) has sparked a rapid repricing in STIRs. And just like that, all of Powell's dovish jawboning has been erased....

Sending real-yields to fresh record lows (as breakevens spike)...

And that has - for now - sparked selling in stocks...

Inflation hedges have been bid. Gold is back above $1850...

Gold is back at 5 month highs...

And Bitcoin is jumping back above $68,000 heading towards record highs...

How long before we are reassured by some talking head that this is all still transitory?