Investors remain alert to any pickup in inflation due to the Liberation Day tariffs. But so far, the data via CPI and PPI is showing inflation remains behaved. With tariff headlines constant, today’s PPI read was weaker than expected. For y/y it came in at 3% versus April’s 3.2% and the monthly read was also better than estimated. Treasury yields dropped on the news with the 10-yr moving to 4.37% versus yesterday’s closing level of 4.47%. Currencies were also on the move as the Dollar (DXY -79b…
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