Core month-over-month CPI came in at 0.3% versus a 0.2% forecast.  This would be bad for bonds at first glance, and indeed it was--at least initially.  But after some early selling, bonds are moving into positive territory. 

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What's with the paradox?!  Today will end up being one of those days where analysts are forced to find a narrative to fit the price action.  The 0.1% decline in shelter inflation is one of the first places we'll all be starting. 

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