Today's double event of the CPI inflation report and the Fed meeting gave us something that I have been waiting for: a hint from Fed Chairman Jay Powell that the labor market has softened.
The month-to-month inflation data shocked bond traders, hence the big waterfall dive with the 10-year yield right after the report.
The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis after rising 0.3 percent in April.
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