The lack of an upside surprise from rental inflation within the January CPI report was notable, considering the beat for core CPI was concentrated in non-housing core services (plus core goods) and the Fed is more sensitive to market-based services prices rather than the imputed CPI rents series.
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Stabilisation away from session lows also evident in GBP STIRs as the day progresses, leaving 44bp of cuts priced through year-end and SONIA futures little changed to -4.5 on the day.
US Cash open is set for a steady, stable start with futures mostly trading in a holding pattern for the past 2hours ahead of a very busy Week.