Lowest Mortgage Rates in More Than a Month

Thursday's Data Offered No Objection to Overnight Rally Thursday's PPI was just as tame as Wednesday's CPI and, for a moment, it looked like bonds were going to offer an encore performance of the post-CPI rally.  But in Thursday's case, bonds had already rallied nearly that much in the overnight session.  We're inclined to view this through the lens of Thursday's data standing aside for the momentum created by Wednesday's data.  In other words, CPI prompted a lead-off rally and PPI didn't push back in the other direction.  We can also give some credit to Jobless Claims where the continued claim number pushed up to another cycle high.