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Magnelibra Trading & Research
Yields Higher off CPI Print

Yields Higher off CPI Print

Ozempic, is it worth it?

Mike Agne's avatar
Mike Agne
Oct 12, 2023
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Magnelibra Trading & Research
Magnelibra Trading & Research
Yields Higher off CPI Print
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So YoY CPI was expected to come in at 3.6% but we got a 3.7% number on the heels of higher rent inputs as usual. We do not see rents continuing this path as we move forward as all the data we see is continued rent decreases. However this is a lagging indicator and it will take some time to filter through. We want to keep this inflation expectations into perspective so we will use the ZeroHedge chart and add our comments. Our comments are designed to solidify the idea that the inflation spike we saw in 2022 was always going to be transitory as the new stimulus money and 2x+ rise in FRB assets takes time to filter through:

Yields are higher today off of this number with a nice parallel 9bp spike on average across the board:

Source: TradingView

When we look at the closes from yesterday we see that the longer end was the star performer as profit taking preCPI was most likely the culprit as the 2s30 dropped 11.4 basis points:

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