Ed Harrison 2.8 1 idea

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).