$690 Billion In AUM Is The Most Bullish On Treasurys Since 2009

If you're in the camp that thinks subdued inflation is a good excuse for preemptive Fed cuts, there's been no shortage of confirmation bias over the past seven days. A week ago, average hourly earnings came in cooler than expected for May, CPI missed on Wednesday and then, on Friday, University of Michigan expected change in median prices during the next 5-10 years fell to 2.2%, a record low. Decent retails sales notwithstanding, fading the Fed cut narrative seems to get harder and harder by t