Treasury Yields Lower after CPI, Starts

Treasury Yields Lower after CPI, Starts

Action Economics: Yields skulked lower following tame CPI and downward housing starts revisions, which were accompanied by a large 7.5% drop in permits as well. Barring a surprise outlier on the data, it's pretty clear that the bond market is hunkering down for the Fed Chairman's policy presentation later. The 10-year yield has drifted back below 5.05%, though up from overnight lows near 5.02% set after news that Bear Stearns declared its hedge funds virtually valueless.

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