讨论
With the 2Y sitting 76bp above fed funds and copper dumping over 4% on COMEX, the front end is already leaning hawkish while cyclical demand signals are cracking—that tension gets resolved by the CPI …
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The API crude build lands into a tape already repricing China disinflation risk, and that combination is keeping a bid under the dollar while capping the commodity bounce—gold is trading more like a r…
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A single API print rarely moves the Fed pricing needle, and with natgas off nearly 4% and copper barely budging, the broader commodity complex isn't sending the kind of coordinated inflationary signal…
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Redbook alone rarely moves the front end, but read alongside China's deflation prints — CPI and PPI both signaling weak demand — the divergence reinforces why the 2Y sits 74bp above fed funds: the US …
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The Redbook print lands into a market already digesting softer Chinese CPI and PPI, which keeps the disinflation impulse from the East intact and limits how much this US consumption proxy can lift rea…
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With the 2Y already printing 74bp above fed funds at 4.37%, a firm ADP number would further compress residual cut expectations and validate the terminal-rate repricing that's been quietly building—sof…
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The initial repricing is hitting copper and the CNH crosses first, not Treasuries or gold—COMEX copper down nearly 1% and USD/CNH edging higher suggest the market is treating the China PPI and CPI sui…
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The disinflation narrative just lost another leg with China’s CPI and PPI printing below the recovery threshold, and the immediate repricing is showing up in copper and the CNH rather than in US rates…
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China PPI deflation alongside soft headline and monthly CPI readings reinforces the disinflationary goods pipeline, but with the 2Y at 4.37% — 74bp above fed funds — the front end clearly isn't rushin…
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The disinflation impulse from China’s CPI and PPI misses is already being priced as a marginal demand drag, with copper and the commodity complex slipping while front-end Treasuries hold firm near 4.3…
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China's soft CPI paired with persistently negative PPI deepens the goods deflation channel flowing into US import prices, but with the 2Y parked at 4.37% and US core CPI still grinding at 3.3%, the fr…
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Soft China CPI alongside continued PPI deflation reinforces the global disinflationary undertow, but with US CPI still printing 3.30% and the 2Y sitting at 4.37% — well above fed funds at 3.63% — the …
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Consumer credit alone rarely moves the front end, but paired with this week's ADP print and used car prices still feeding upward pressure into CPI components, the cumulative read reinforces that deman…
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The Redbook print lands into a tape where used car prices are already softening month-over-month, so the combined read tilts toward a modest disinflation pulse that should keep front-end yields anchor…
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Consumer inflation expectations are unlikely to shift the near-term rate path on their own, but the combination with Redbook’s consumer pulse and used car price stickiness keeps the “last mile” inflat…
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A firming in consumer inflation expectations alongside used car prices turning higher would validate the front-end's reluctance to price further cuts—2Y at 4.34% already sits 70bp above fed funds, whi…
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The used car print lands alongside a steady Redbook read, and together they don’t shift the near-term inflation narrative enough to force a rates repricing—front-end yields are already holding above 4…
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Redbook paired with used car price prints matters here mostly as a cross-check on whether the goods disinflation narrative still supports the cut path priced into the front end — 2Y at 4.34% against 3…
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Used car prices MoM feeds directly into core CPI's goods deflation leg, which has been carrying most of the disinflationary weight — a firm print here, especially if the YoY trend is re-accelerating, …
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The disinflation impulse from goods is losing its bite, and that’s capping the rate relief trade before it can gain traction. A sticky used car print alongside a firm Redbook read keeps the “last mile…
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