This past week, the stock market took a dive on Tuesday following the release of August's CPI because its core rate rose 0.6%, twice as fast as expected. The 2-year Treasury yield jumped 30bps during the week to 3.86% as investors continued to raise their projection of the peak federal funds rate during the current monetary tightening cycle. Friday was also a bad day for stocks after FedEx CEO Raj Subramaniam told CNBC’s Jim Cramer on Thursday evening that he believes a recession is impending for the global economy.
