Mortgage Rates Completely Reverse Yesterday's Spike

Mortgage rates jumped quickly higher yesterday following the higher inflation reading in the Consumer Price Index (CPI). Now today, rates have completely erased the move despite a similar report, the Producer Price Index (PPI) seemingly adding fuel to the inflationary fire. PPI is almost never as big of a deal as CPI when it comes to pushing rates around. That's still true today, even though rates ultimately moved more than they did yesterday. Specifically, CPI resulted in a bigger, sharper initial move in the underlying bond market that was slowly backtracked afterword. Contrast that to today's PPI which prompted a bond market shift that was less than half as big, but that happened to be followed by additional, gradual movement in the same direction.  Interestingly, PPI showed