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BMO: US Ex-Autos CPI Tells A Less Bond Bearish Story


BMO FICC on the post-CPI data move: "the Treasury market was favoring a bear-steepener before the results and in the wake of the data, yields dropped across the curve. There isn't anything in the data which would suggest rates should be higher -- although risk assets didn't seem to like the inflation print. The concentration of inflation within the used auto prices component (presumably a function of a Covid inspired shift away from public transportation and lower borrowing costs) does tell a less bond bearish story."

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