Honestly, if you go read Bloomberg or Wall Street Journal's analysis of why stocks came roaring back,

it is so clear that no one has any idea.

And this ultimately is perhaps the perfect demonstration of markets right now.

It's one big Foxmolder desk sign that says, I want to believe,

despite the fact that there's just no evidence that the Fed is going to let up

any time soon.

Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexo.io, Circle, and FtX, and produced and distributed by

CoinDesk. What's going on, guys? It is Thursday, October 13th, and today is inflation day.

Before we get into what is just a wild and weird, strange moment in markets. If you are enjoying the breakdown, please go

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All right, folks, well, remember when just a couple of months ago there was a big dust-up because President Biden decided to focus on the zero percent month-over-month inflation number

that had come in to claim that inflation was at zero?

And remember how, even though lots of people poked fun at that clear politicking, markets were

more than happy to pile on to the narrative that inflation had peaked and so the Fed would be forced

to pivot. And remember how then the Fed said that they thought there would be more pain ahead

and we did this three or four times? Well, that was the setup heading into today's release of

the official September inflation numbers. Estimates for headline

...