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Without a “bad” Treasury auction, there was no stopping the bond market on Wednesday from retracing all of the previous day’s selloff and then some. This despite the huge CPI estimates released before the prior session’s trading, and now PPI figures that are equally, if not more, obscene. The BLS reports that its main PPI, the one for finished goods, was up 9.19% yoy in June 2021. That was a bit more than the 8.38% gain in May but still below the peak of 9.42% set in April. The hot inflation continues, but it’s no longer accelerating in its widest set.
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