🇺🇸 Yields retreated. The inflation pipeline did not.
🇺🇸 Core PCE missed on the month, rose on the year, and the yield bid has a 60-day sponsor
🇺🇸 April PCE: the headline says 3.8%, the Fed's actual signal says something much quieter
🇺🇸 April core PCE is set to re-accelerate to 3.3%, and there's no clean Fed response
🇺🇸 US home prices post their softest annual gain since 2023, with Zoom towns slipping into outright nominal decline
🇺🇸 US home prices post their softest annual gain since 2023, with Zoom towns slipping into outright nominal decline
🇺🇸 The April retail sales beat doesn't survive contact with the import price data
🇺🇸 Tariff costs are moving into the selling chain, and the CPI print at 3.8% is probably a floor
🇺🇸 April CPI at 3.8%: supercore stuck for a third straight month, and the Fed has no clean move
🇺🇸 Four dissents, a 4.5% PCE print, and the Fed that Warsh inherits
