The market took the report in context -- which is that it is often distorted by aircraft orders. It didn't really ignite the bond bulls that the headline number was down so much.
More Quotes from Josh Stiles:
This is always a difficult number for the market to deal with.Josh Stiles
It doesn't look like from what we are seeing this morning that the economy is recessionary, and now it's probably going to cast some doubt on how aggressive the Fed is going to want to be from here,
Josh Stiles
The market's starting to look further ahead. There seems to be the sentiment that the economy will cool and the Fed (once it hikes interest rates later this month) will be done.
Josh Stiles
We saw moderation in the indices on prices paid, employment, and six-month business conditions outlook. That offset the impact of the headline number.
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He's been wrong about what's happening with inflation for two years. He's more focused on structural disinflation forces than he is on the cyclical inflationary forces from excessive accommodation,
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