November CPI numbers were in line with expectations, which means rates will remain essentially unchanged until mid to late next year.
CPI y/y +% versus 3.1% expected
Prior y/y 3.2%
CPI m/m +0.1% versus 0.0% expected
Prior m/m 0.0%
Markets whipsawed in the wake of the print, with Treasury yields initially falling across the curve before reversing higher. The US 2-year yield is now up 2.3 basis points, though market expectations for rate cuts in 202...