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What's Up With The Paradoxical CPI Reaction?
Heading into today's data, we knew there was a possibility of two separate reactions--one for the top line CPI numbers and one for a deeper look at the internal components. Those internals show that tariffs are having an impact even though it was a smaller impact than many forecasters were expecting. Bonds didn't seem to care at first. When a new glut of trades came online at the 9:30am NYSE open, that changed. Both stocks and bonds sold off sharply starting at 9:30am and this move looks far more convincing that the initial rally.
Econ Data / Events
Core MM CPI
0.228 vs 0.3 f'cast, 0.1 prev
Core YY CPI
2.9 vs 3.0 f'cast, 2.8 prev
Headline MM CPI
0.3 vs 0.3 f'cast, 0.1 prev
Market Movement Recap
08:36 AM after CPI 10yr yields are down 2.9bps at 4.406 and MBS are up an eighth
09:45 AM 10yr unchanged 4.434. MBS also unchanged and down just over an eighth from the highs.
11:29 AM weakness continues. MBS down 6 ticks (.19) and 10yr up 4.7 bps at 4.482
02:32 PM Steady, slight selling continues. MBS down 7 ticks (.22) and 10yr up 5.3bps at 4.488
MBS Commentary
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What's Up With The Paradoxical CPI Reaction?
Heading into today's data, we knew there was a possibility of two separate reactions--one for the top line CPI numbers and one for a deeper look at the internal co... (read more)
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Mortgage Rate Watch
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Mortgage rates are based on bonds and bonds don't like inflation. When inflation reports are higher than the market expected, rates tend to rise, all other things being equal. But today's inflation numbers were a bit lower than the... (read more)
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Rob Chrisman
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Here’s a cool password: 2 444 66666 8888888 9. (You can figure it out.) I’m no IT wizard, but some are. Do you want AI to open your emails and create drafts for you to reply to them? Fyxer does exactly that. Goldman Sachs is piloting an autonomous so... (read more)
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