Chip stocks fell 20% and everyone blamed China. The prediction markets didn't budge. Here's what Friday was really pricing, plus what a golf shop exit taught me about revenue.
On Tuesday the market reacts to June's inflation and five big banks at once. Both are looking backwards. The thing that moves the next number, oil, just reversed. Let me walk you through the gap.
The market this week was moved by plumbing, not opinion. SpaceX's forced-buying machine, the trillion-pound stablecoin fight for your deposits, and why the crypto bottom isn't in yet.
Oil kept falling. Then the Fed raised its inflation forecast anyway, a Prime Minister resigned, and the easing everyone has been pricing got a lot harder to deliver.
The worst inflation print in three years landed, and the market threw a party anyway. Let me walk you through why, and the one caveat I don't want to bury.
