to rise by 0.3% m/m, down from 0.4% m/m last month, while rising by 3.4%, up from 3.2%. Meanwhile, theThe swaps market has been pretty consistent here and still thinks the CPI comes in at 3.4% on the y/y headline number and by 0.3% m/m.
Additionally, we saw goods inflation come back to life in February, which followed that significant increase in shipping costs. Last month was the first time since May 2023 that there was a positive reading on the CPI commodities, less food and energy.I’m not sure what drove the end-of-day part of the day. Bostic was making comments around 3:25 PM ET, but the rally started well before that.1-day finished higher on the day, closing around 18 and up 8 points, so it was a big move.
Clearly, with the risk of the CPI report removed from the equation, we could see a better auction today.