No Whammies From Early Data Leaves Bonds Looking For Direction
Core PCE is often referred to as the Fed's preferred measure of inflation. The Employment Cost Index (ECI) has been one of the only few economic reports mentioned explicitly by Powell during press conferences in the past year. Both reports came out this morning, but both were very close to consensus. Bonds didn't do much with the data and are thus left to find their own way to comment on yesterday's attack on the 4.0% 10yr ceiling. On that note, an intermediate technical level is already emerging at 3.95. It had offered support on the way up yesterday and has acted as resistance so far today.
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