at 3.4%, 9.5 million job openings, and wage growth that continues to run hot, the Fed is likely to remain focused on their inflation-killing agenda for months ahead,” Grahn said.
Shelter, a big component of CPI, came in a bit weaker, giving markets relief as some people were looking for a stronger number, said Priya Misra, head of Global Rates Strategy at TD Securities in New York. The 2-year Treasury yield, which typically moves in step with rate expectations, slid from 4.05% before the CPI news and dropped to 3.908%. Benchmark 10-year notes fell 8.1 basis points to 3.441%.
The dollar index eased 0.20% and equity markets rose as the CPI data suggested the Fed’s most aggressive rate hikes in four decades were yielding results.
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