See P.I.

tariffs don't matter

The closely watched monthly CPI data is out, and the big news is that in spite of the tariffs, inflation has - - for the 5th month in a row - - come in lower than expectations. Thus, equities are once again, on the whole, at lifetime highs.

In turn, bonds are starting to stabilize, with the /ZB contract up about half a percent as of this writing.