Inflation Week! Plus Elon is a Bond Villain

This week inflation came in hot versus consensus. And while we have past the peak of so-called headline inflation, with energy costs abating somewhat, CORE inflation is still accelerating. Rent costs in particular are running wild. What does it all mean? As was, the Fed still has a data-driven license to hike rates with abandon. And in the equity markets, the price action around Thursday's print suggests traders have no conviction about the direction of travel in the S&P 500 over the medium term. They are only degenerately trading day to day moves. 

If we look then into the murky future, more downside feels more likely than not. Simply because there are no bullish catalysts to overcome the pall of Fed hawkishness. Patience remains the game. So with nothing to do but wait, we discuss Elon Musk's ongoing evolution into a movie character. You and I might pass the time watching TV or working out. Elon buys social platforms and tries to broker Putin-friendly peace deals. What does this portend for the future if technology entrepreneurs with unlimited wealth accrue supranational power?