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Post-CPI React, Curves Bull Steepen, Stocks Rally

US TSY FUTURES
  • Fast market as Treasury futures gap higher (10s +21 at 111-30) after June CPI comes out lower than expected: MoM (0.2% vs. 0.3% est), YoY (3.0% vs. 3.1% est); Ex Food and Energy MoM (0.2% vs. 0.3% est), YoY (4.8% vs. 5.0% est).
  • Curves Bull steepen (2s10s +3.410 at -87.484).
  • Equities enjoying the modest dis-inflationary figure, SPX eminis trading above 4506.

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