CPI relief sends 5-year yield toward breakout

The 5-year yield dropped 12+ bps in the days leading up to the BLS jobs report only to give back most of the gains just minutes after that report showed much stronger job growth than expected. From there it dropped 12+ bps again heading into this morning’s CPI report, also compiled by the BLS, but this time things were different.

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The month to month core and headline CPI…