Only 4 of 12 sectors rose ahead of Wednesday's February CPI report. Materials gained 0.88% and Utilities fell 0.94% as long bonds sold off: the 30-year yield rose 6bp to 4.78%, while the 2-year rose just 1bp.
Since the last briefing
Yesterday the committee said AI hardware had bounced and energy had stalled, and that it would not act on a bounce that had not lasted a week.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.