Our masters of the universe apparently discovered their chronic mispricing of risks today, and their reaction was swiftly self-serving.

In other words, we had yet another grand wash and rinse.

The CPI data, which is skewed by the way in which it accounts for housing, as compared to the Fed's favorite measure the PCE, came in a bit high this morning.

And there it was.

Gold and silver sank, as the Dollar rocketed higher.

Finally, the continued nagging of Jay Powell that the Fed would not be pivoting dramatically anytime soon was believed.

Stocks dropped like rocks, with all the wax-winged demi-gods plunging back towards earth.

VIX rose dramatically.

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