DATA DISTRACTION
04/15/2025 |
Usually, last Wednesday’s stellar CPI numbers would have resulted in melting Treasury yields, but due to tariffs the report was utterly ignored. That said, M-o-M CPI fell 0.1%, the first decline since 6/24, and core CPI rose 0.1%, the smallest rise since 1/21. Y-o-Y, CPI and core rose 2.4% and 2.8% respectively. Moreover, the declines were breathtakingly broad-based. Absent tariff concerns, I bet the Fed would cut rates in May.