If the Bond Market truly loved me, it would not be misbehaving.

The January (CPI) Consumer Price Index showed overall inflation increased 0.5% but Y/Y only declined from 6.5% to 6.4%. Not what we expected.

Digging deeper, Used car prices went down 1.9% but energy prices went up 1.9%. Shelter contributed by far the most with a rise by 0.7% to 7.9%.

Bottom line is we are not out of the woods yet.

Have a fantastic rest of your week.