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US Bonds reaction to US CPI today:
2-yr note yield at 4.50% just before the report, surged to 4.66% before settling the session at 4.63%.
10-yr note yield at 3.68% before the report, surged to 3.79% before settling the session at 3.76%.As yields pulled back from their highs, the major indices were able to bounce somewhat and close the session well above their intraday lows.
Dow -156.66 at 34089.22, Nasdaq +68.36 at 11960.17, S&P -1.16 at 4136.13
The Nasdaq closed with a decent gain today thanks to an upside pull from several mega cap stocks.
The Vanguard Mega Cap Growth ETF (MGK) was up 0.5% versus a 0.2% loss in the Invesco S&P 500 Equal Weight ETF (RSP).
Most of the S&P 500 sectors registered a decline with real estate (-1.0%) and consumer staples (-0.9%) sinking the bottom of the pack. The heavily weighted information technology (+0.4%) and consumer discretionary (+1.2%) sectors led the outperformers.
Short-term inflation expectations declined sharply NY Fed Feb Survey of Consumer Expectations show
1-year ahead expectations dropped 0.8% to 4.2%,
3-year ahead expectations UNCH at 2.7%
5-year ahead expectations 0.1% to 2.6%.Annual inflation cooled for the seventh straight month to 6.0% in February, however the pace of easing is starting to level off. The release came as c
[See the full post at: US Consumer Inflation Modest Pullback in February with Core Services Prices Climb]
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