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What’s Driving Soaring US Inflation?
US core inflation sharply exceeded consensus expectations for the fourth month in a row. The US Treasury yield curve steepened at first with 10s selling off by about 4bps before a second flattening trade swooped in to make the curve flat on the day while the dollar has sustainably appreciated. Treasury Curve Flattens: It’s not fully clear to me whether that second trade was motivated by buyers who think the upside surprise was transitory (again….) or whether it was motivated by buyers who think the upside surprise brings forward Fed rate-hike expectations. The cheapening in US 2s would lend support to the latter ... (full story)
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