The market is reacting to the Consumer Price Index or CPI. "It appears that this number is hotter than expected. I am surprised in the kneejerk reaction in treasuries given the recent flattening of the curve. This CPI number could bolster the case for the terminal rate to 5.5% or higher. Goods inflation used to be the defining feature of the CPI but now services inflation is," says Larry Shover.
Futures
14 Feb 2023
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