There has been a lot of news flow competing for focus over the past 24 hours. China cut its reverse-repo rate ahead of soft credit growth data, stronger-than-expected labour market data saw a surge in UK yields, and what should have been the headliner, US CPI, came in broadly as expected. Yields are higher globally, the USD lost 0.3% on the DXY, and equities were stronger. First to the US CPI, which was in line with expectations rising 0.1% m/m and 4.1%y/y from 4.9% (0.1/4.1 expected). The headline easing was helped by a 5.6% drop in gasoline prices, declines in electricity and natural gas prices and a base effect ... (full story)