• Core CPI M/M
    • 0.1 vs 0.2 f'cast, 0.2 prev
  • Core CPI Y/Y
    • 3.3 vs 3.4 f'cast, 3.4 prev

Pretty straightforward outcome here.  CPI was high stakes and this is quite a bit lower than expected.  Bonds are rallying about as much as you'd expect, given the set-up.  10yr down a quick 10 bps at 4.187.  MBS up more than half a point.