Some More Soothing Inflation News

A benign CPI and a weaker retail sales print are likely in store

Highlights

• The high-frequency data suggest a benign CPI and a weaker retail sales print are in store 

• Abundant signs of a cooling labor market — layoffs, slower workweek, and a dismal ISM employment subindex 

• Keep an eye on the BoC meeting results tomorrow (and its implications for the Fed) 

• Plenty of reasons to still be bond-bullish