"We have gone in and taken the assets away from the competent people, given them to the incompetent people and said to the incompetent people, now you compete with the competent people with their money. It’s absurd.”
Russia, the world’s fifth-biggest wheat exporter, banned food imports from the U.S., European Union, Canada, Australia and Norway in retaliation for sanctions linked to the conflict in Ukraine, the ninth-largest shipper.
The market impact from today's CPI report was to boost hopes for a continuation in the equity bull market, with S&P index futures rallying on the heels of the report. Bond traders were also comforted by the dip in the annual pace of inflation.