Stocks Shrug At Warm Inflation Readings, But Unstable Bonds Pose Threat

You could argue that stocks should've been meaningfully lower on the back of a warm US inflation report that saw one of the CPI-derived "supercore" measures print the largest MoM increase in a year. But by noon in the US on CPI day, the S&P and the Nasdaq were mostly unchanged. Although yields were indeed cheaper ahead of the afternoon 30-year sale, 7bps actually counted (past tense) as a relatively pedestrian move in America's "penny stock" rates complex. Just an hour or so after the orig