Borrowing a phrase from one of our favorite movies “all bets are off” after this morning’s hot-hot-hot CPI print
The fourth hotter-than-expected core inflation report in a row got investors reevaluating expectations around the Fed’s first rate cut…
Source: Bloomberg
Goldman’s Diana Asatryan noted that their Research group pushed its first rate cut forecast to July from June, expecting two cuts this year.
The market is now pricing in just 38bps (1.5 rate-cuts) in 2024…
Source: Bloomberg
But do not worry, President Biden promised a rate-cut:
Fed Chair Jeo Boden https://t.co/dIkgCmyg5o pic.twitter.com/RRhJcX8s0m
— zerohedge (@zerohedge) April 10, 2024
And that all sparked a massive surge in TSY yields with the short-end/belly underperforming (2Y +22bps, 30Y +13bps)…
Source: Bloomberg
The 2Y Yield got within a tick of 5.00% today for the first time since mid-Nov…
Source: Bloomberg
The 10Y Yield was double-buggered as a really ugly auction added another leg to the sell-off…
Source: Bloomberg
Today was the biggest yield jump for the 10Y since Sept …
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