Peak sensitivity around economic data has returned following Friday’s hot job numbers and today was no different. December PPI came in softer than estimated this morning, showing inflation +0.2% m/m vs. +0.4% est. and +0.4% in November. Bond bulls thought they finally caught a breath of fresh air with US Treasury rates dropping following the print, but the relief was short lived. Treasury rates returned to preprint levels within minutes, with longer term treasuries closing higher on the day. Mo…
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