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Feb 13, 2026
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NEUTRAL
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CPI was mixed; tariffs are feeding into prices (computers up 3.1%). Yields dropped slightly on the print. The market is pricing in rate cuts, but structural inflation (Tariffs + Immigration constraints) creates a floor. Yields are stuck in a range (4.0% - 4.2% on the 10Y). NEUTRAL. Upside on bonds is limited because inflation isn't dead; downside is limited because the economy is cooling. Sharp recession (yields crash) or Inflation spike (yields soar). |
Bloomberg Markets
Inflation Data Calms Markets | Bloomberg Open...
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