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Perhaps offering Jay Powell an 'out' to please his 'completely independent' President, CPI's miss this morning (following PPI's miss yesterday) has prompted some modest buying in stocks and bonds and dollar weakness...

The dollar took a dovish drop...

Bonds are bid...

And while stocks were initially bid on the headline they have now given up those gains...

Maybe the rollover was dud eto real wages being 'hawkishly' higher...

It's gonna take a lot more than slowing inflation and a raging President to stop this Fed.