Who knew a statistical difference of 0.228 ppt could add $3 trillion to the value of S&P 500 and Nasdaq stocks, and heaven knows how much to Treasuries as yields boasted their biggest daily drop in more than a decade. It's not often you see the long bond up 3 points in price.
Naysayers will note trimmed mean measures of core inflation are not so benign, service inflation and employment costs are still running hot, and the labour market is uncomfortably tight. But, for now, the CPI seems to have locked in 50 basis points from the Fed in December and narrowed the odds that rates will peak under 5% rather than the feared 6%.
The dollar has recouped a little of its losses today in Asia, but surprisingly little given the scale of the retreat. A host of major chart levels have been breached and people will be wondering if this is it for the long USD bull rally, and equally for the bear market in bonds.
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