How should you be positioned ahead of the Fed meeting? Hi, everyone. Welcome to the Real Vision

Daily Briefing. With me today is Brent Donnelly, President of Spectrum Markets. Hi, Brent. It's

great to see you again. How are you doing? I'm doing okay for Friday. I'm happy it's Friday. I felt

I feel like that as we get to the end of the year, it always feels a little long to me because we've

got a lot to get through. So just before we jump in, a reminder to everyone listening, if you have

a question for Brent, you know what to do. You can drop it in the comment section of our website

in the chat section of YouTube or you can tweet us out real vision. So Brent, producer prices

came in this morning a little bit above expectations. What did you make of the data and the market reaction?

So it's a very strange day today. I got a lot of queries about, you know, what the hell is going

on in equities and the dollar, given that people generally know that there's a relationship between

PPI and CPI, not just in terms of trend, which is obvious, but also in terms of the misses each month.

So if PPI tends is strong, then CPI is more likely to be strong versus expectation.

And so the reaction today is completely backwards. And I think part of it is that really there's

a lack of engagement, like a lot of funds and even real money feel like they packed up for the year.

Like, you know, I'm hundreds of chats and today there was a two hour period where not one of my

chats was lit up. So like people are really, really quiet. I think a lot of people had really good

years. And so they're just they're packing it in. And also a lot of people had really good H1

and then like a may kind of H2. So that's like an environment where you're like, okay, I'm just

going to keep what I made. So I think that's part of it, which then leads to a lot of randomness.

So if you look at like S&P's now versus one month ago or unchanged. So like we're having a lot

of noise like the around Powell, we had that rip, rip roaring rally up above the 200 day.

And then we cratered all the way back down a couple days later on kind of nothing really, right?

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