May Inflation + June FOMC

We see today’s print to be one of the first encouraging inflation prints for the Fed. The broader softness across components could point to a continuation of the slowing inflation data. May Core CPI came at 0.163% M/M (2% annualized), which was well below estimates....

Lots to Consider for T-Bond Buyers

TBAC Seeks New Funding Ideas   The borrowing needs of the Treasury over the coming years are expected to drive an increase in issuance as the debt load compounds. The share of outstanding Treasuries held by its two largest investor types (foreign investors and...

Traditional Bonds Still Not Ideal

The flexible components of core CPI have been in deflationary territory over the past year (blue line in the chart below). The stickier components of core CPI, however, are still running well above their pre-pandemic average (orange line).   Source: Bianco as of...