Warsh Faces a Big Inflation Test Tomorrow + Wall Street Unveils GPU Bonds | August 10, 2026 – Morning Market Briefing

good morning welcome to the morning market briefing today is tuesday august 11th 2026 we've got a lot to get to today uh tom sent a really interesting tweet uh first to me last night and then and i'm glad he did he thought it was so applicable that he then teams it out to everyone so i'm excited to see how many people read that when we have our investment team meeting here in about 20 minutes But it's it's something that we've been alluding to here on the podcast, but was framed in terms of supply side economics and demand driven economics differently and very succinctly, I might add.

But I wanted to start off with there was a Tim Ross article previewing the CPI report tomorrow.

Right now, we've got the estimate that's supposed to come in at point one percent month over month.

which would be higher than the minus 0.4% in June.

And obviously net net prices would be down over May.

And then on the core, we're expected to be up 0.22%.

Previous month was down 0.02. What I think is most interesting on the core, though, is if you look on a year over year, and even if we look at the estimate and The results have honestly been coming in lower than estimates.

On the core, we've got the estimate is 2.5 down from 2.6 last month.

So even with a bit of a tick up in the monthly inflation number, which I don't know if we're really going to get, you're still talking about 2.5%, which to Warsh's point, It's not two, but you're getting a lot closer.

I think a lot of people might feel like it's 4% right now, and we're certainly not close to that.

So interesting as we look forward to the CPI result tomorrow morning.

But Tom, I was curious what your thoughts are.

Maybe first summarize what the main talking points from that tweet were, and then any opinion that you might have on that.