Tommy: wholesale prices jumped 1.3% in September, double the forecast, and bonds rallied anyway. Dougie: bad news is good news, I'm buying bad news. Town hall: hot inflation, yields must go up! Abe: Mayor, which way did yields go? Mayor Dithers: up. Abe: down, 9.7 basis points to 5.093%, a second day of buying. Tommy learned something today: a hot print didn't stop the bond rally. Dougie: then I'm selling my bad news.
The ten-year Treasury yield kept falling on Thursday even after wholesale prices came in at 1.3% for September, more than double the 0.6% forecast: by mid-afternoon it was down 9.7 basis points at 5.093%, extending Wednesday's rally, so a hot inflation print of the kind that usually pushes yields up did not stop the move into bonds.
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X · Oct 15, 2026
