The biggest number for the bond market on Tuesday was the CPI report. It was tolerably good, in the sense that a 0.2% month-on-month / 2.6% year-on-year outcome for core inflation some six months on from the instigation of a large rump of tariffs is a success, as the tariff effect is quite contained in terms of impact on consumer prices. The impact effect on the 10yr Treasury yield was impressive, as it snapped lower. But it recovered higher subsequently. The resilience of the 10yr yield to various cross winds has been remarkable of late. It's baulking at excuses to snap both lower and higher in yield. The auctions ... (full story)