Bonds Rally After CPI Gives Fed The Week Off

Today’s Consumer Price Index (CPI) was one of the only big ticket economic reports left before next week’s Fed announcement, and perhaps the only one that could have meaningfully impacted the Fed’s decision-making process.  By coming in tamer than expected (and with several notable sectors such as used autos being down 1.5%), today’s result effectively tells the Fed it can take next week off.  Had today’s…