Bond Yields, Big-Tech, Bullion, & Black Gold Bounce As Stagflation Fears Ease

Markets remain fragile and choppy, according to Goldman's trading desk, with uncertainty remaining high...

We thought a cooler CPI + significant derisking was a good set-up for a near term bounce but rallies are quick to be sold.

On CPI, The one liner = most of miss coming from noisier components, all else pretty in line. 

Based on details in the CPI report, we estimate that the core PCE price index rose 0.29% in February (vs. our expectation of 0.25% before the CPI release), corresponding to a year-over-year rate of +2.70%.