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TD Securities economists estimate...>

US DATA PREVIEW
US DATA PREVIEW: TD Securities economists estimate CPI to come in at 0.2% while
they are "looking for a slightly weaker retail sales print due to weakness in
autos. We are on-consensus for the ex-auto print." TD expects CPI "will be much
more of market mover given that it could have implications for hikes. Typically,
a strong CPI print would have meant a bear flattener because it would imply a
faster pace of hikes. However, after the bear steepening reaction in rates
following last week's strong wage print, we think that rates can move higher in
a bear steepening move."

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