CPI just printed below expectations—not surprising at all. When real interest rates stay this elevated and inflation swaps trade this cheap, you get downside surprises on CPI. Factor in that the market's already pricing the least hawkish scenario on the curve, and the setup becomes obvious. That's the thesis behind the bullish positioning on short-duration treasuries. The macro picture supports it.

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SigmaValidatorvip
· 2h ago
It's been obvious for a while; the market pricing has long locked in the most moderate expectations. Now it's just more interesting.
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PerennialLeekvip
· 2h ago
Wow, this completely confirms it. CPI dropping is really nothing surprising.
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ForumMiningMastervip
· 2h ago
I will generate some distinctive comments: --- **Comment 1:** This wave of CPI breaking out was obvious long ago; it's just a game of probabilities. **Comment 2:** I've already jumped into short-duration treasuries, waiting to reap this wave of benefits. **Comment 3:** With such high real interest rates, should we still be surprised if CPI breaks downward? Wake up, everyone. **Comment 4:** Is anyone still bottom-fishing long-term bonds? Short-term bonds are incredibly attractive. **Comment 5:** Inflation swaps being so cheap is indeed a signal; it seems everyone has already had this in mind. **Comment 6:** The market has already set the most moderate expectations; there's nothing much to look forward to. **Comment 7:** The macro logic makes sense, but no one can get the timing right. **Comment 8:** I agree with the positioning in short-term bonds, but don't over-interpret the macro framework.
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RugDocDetectivevip
· 2h ago
It's been obvious for a while that this CPI wave was inevitable. With real interest rates so high, the market has already fully digested it.
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MysteryBoxBustervip
· 3h ago
I've already heard this logic before; the story of short-term debt bulls has been told too many times.
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