Our view remains – markets can move higher on signs of softening inflation and clearly can move lower on signs of more inflation. Looking through the zigs and zags, we see the inflation data trend to the downside, just not in a straight, smooth line. BUT, the good news will be short-lived as the signs of a slowing economy grow louder and garner more attention. We remain renters of any rally and like bonds a little more with every tick higher in yield.

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