Mortgage Rates Just a Hair Higher Ahead of Important Inflation Report

All Eyes on CPI Bonds have sold off a bit so far in July, but haven't lost much more ground versus last Tuesday as of this afternoon.  In other words, trading levels have been coiling for nearly a week as we've traversed a data-free calendar in anticipation of a very important CPI (Consumer Price Index). This is most notable opportunity yet for big-ticket data to show tariff impacts both because it's the first major report for June and also because several Fed members have specifically mentioned June's data as being likely affected. It doesn't take much to connect the dots from there. If the data isn't materially affected, rates should like it, and