For the third consecutive session, a strong start was erased quickly. This time the headline news on consumer inflation triggered buying - mostly by algorithms- once humans got a chance to comb the data, the results were a little less promising - at least near term.
Record month to month spikes:
There was also a jump in rents back to February 2020 levels.
But bonds are reacting to lower inflation with the ten-year yield slipping to the bottom of an ascending triangle - it needs to hold
This is a market that is reluctant to move beyond tech and defensive in part because of the persistence of the Delta variant.
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