Good morning and Happy Friday. Like the Blue Jays in the World Series, Federal government data made its long-awaited return today. S&P futures were trading modestly higher heading into the CPI print, near their best levels. Treasury yields were up about 1bp and the Dollar Index was modestly higher as well. Financial news previewed the data like it was a Fox pre-game show. Drum roll….the print came in slightly cooler. A 25bp cut at next week’s Fed meeting was all but set before today, and this update encases it in concrete while also increasing the odds of another cut in December, which were already ~90%. Futures jumped on the print as we look to open up ~0.5%. Treasury yields fell, down 2-4bp across the curve, which has also pushed the Dollar lower. Regarding the data. Headline and core CPI readings came in a tenth below expectations moderating to 0.3% and 0.2%, respectively. Both readings ticked down to 3% on a y/y basis from 3.1%. ICE Brent is following up on yesterday’s 5% gain triggered by new sanctions on Russia oil, trading modestly higher and around its 100d moving average at $66.50. Gold and other precious metals are slipping, down about 1-2% across the board. Gold is back around Wednesday’s close ($4075) after a modest bounce yesterday. Crypto is higher with Bitcoin up ~1% and Ether +3%.

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