Wednesday, April 19, 2006


by Tom Bozzo

Get some here. Glad to see that the Fed has it licked.

In the early going (8 AM CDT), it looks like yesterday's FOMC-inspired bond rally has retreated to the tune of 2-3 b.p. across a wide swath of the yield curve.
Core at 0.3% -- isn't it difficult to then blame the overall on "higher gas prices"?
Yeah, I was surprised that the headline-vs-"core" difference was only 0.1%. (That's due to rounding; it's actually 0.01%.) In the NSA series, core inflation was almost 0.1% ahead of all items before rounding (0.64% vs. 0.55%).

All this, just when the "there's no inflation, as long as you ignore all the inflation" theme was making its way into mainstream reporting of the price index releases.

Meanwhile, looks like my brother (who does loss forecasting for JPM's credit card unit) has saved the day...
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