Econ Data Not Bond-Friendly

September CPI   Year-over-year, consumer prices rose 2.4%, a tenth of a percentage point more than expected but down from the 2.5% annual increase in August. 2.4% is the smallest annual gain since February 2021. Food prices rose 0.4%, while energy prices dropped...

The Fed’s Recalibration

Post Covid Inflation   Source: Bianco. As of 9/24/24 In a recent op-ed, Jim Bianco argued that recessions and financial crises can create change across an economy. In 2020, we had both a financial crisis and a recession, significantly reshaping the economic...

FOMC: The First Cut is the Deepest?

The debate between 25 or 50bps has been settled. It appears that markets strong-armed the Fed to front-load their first cut, where today they cut the funds rate by 50bps. This moved the target rate range from 5.25% – 5.50% to 4.75% – 5.00%.  The updated...

Around the Bond Market, September 2024

September 11th   We take a moment at Aptus today to remember the lives lost on this tragic day 23 years ago. We are grateful for the men and women who make the enormous sacrifice to keep our nation safe. Never forget!   August CPI Update   This morning U.S....

Jackson Hole for Now, What About DC?

Rate Cut Expectations   All eyes are on Jay Powell this week in Jackson Hole as he lays out the FOMC plan for the upcoming rate cut cycle. As of now, the market is pricing in ~1.25 cuts (roughly 31bps), basically a 25bps cut. Over the past weeks, we’ve bounced...