‘Oh My God!’ CNBC Anchor Stunned By Stock Climb Seconds Before Inflation Report

Just seconds before CNBC’s Rick Santelli read off better-than-expected inflation numbers, anchor Joe Kernen exclaimed “Oh my God!” as Dow futures surged ahead of the news.

On Tuesday morning, the Bureau of Labor Statistics released a CPI (Consumer Price Index)  report that showed lower-than-expected inflation for the month of November, and those expectations were already fueling upward movement in stock futures.

On Tuesday morning’s edition of CNBC’s Squawk Box, seconds before the release, Kernen asked Santelli for his prediction. As they spoke the Dow futures spiked to +723 points, which Kernen excitedly noted:

JOE KERNEN: Or you can just start talking now and keep talking with hot or cool.

RICK SANTELLI: Well, I think it’s going to be cool. And the reason I think that is the markets are already moving, folks. If you look at two-year note yields, they already have started to drop. If you look at ten-year note yields, they’ve started to drop rather precipitously from 3.58, now 3.54. If you look at Dow futures, they’re hovering, but they keep trying to spike up a bit.

JOE KERNEN: Oh my God! Seven-hundred!

Santelli went on to tick through the numbers, and gush about the movement, explaining the reason for the surge according to his own analysis:

Dow futures: Zoom zoom zooming! With their last prices right under 35,090 35,000 now. Here it goes. It looks like it’s going to challenge 35,100, and it’s flying!

Main reason. Listen, folks, inflation’s too high. The Fed’s nervous. They’re going to keep erring on the side of scaring you as to how aggressive they’re going to be.

However, if you just take the numbers on face value, you look at the trends and you consider the reasons why inflation was up. There’s many reasons to hope it’s going to keep moderating.

The trick is it’s going to moderate to levels that are still going to be much higher than pre-COVID. At least that’s my opinion.

Watch above via CNBC’s Squawk Box.