Analysts at ANZ explained that the market had minimal reaction to the CPI release, however, began to move on news that Rex Tillerson was let go.
"The departure of Tillerson adds to the recent exodus of Trump’s business elite and has left some worrying that it provides more of a green light to those within the office pushing for more protectionist measures. Equities slid with major European bourses down 0.6-1.6%."
"However, US equities regained most losses by mid-day, currently trading roughly unchanged. US treasury yields were down 2-3bps but only the long end has held onto declines after the 30 year treasury action showed solid demand. The US dollar slid against nearly all in the G10, with NZD outperforming. CAD underperformed with the BoC Governor stamping out hike expectations. Oil fell and gold lifted 0.3%."
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