👉 Headline and core CPI both increased 0.4% month over month in March.

This is hotter than expectations for a 0.3% increase. Core services were driving the hotter number – transportation and medical care services.

What does this mean? Inflation is ahead of expectations. Means the fed needs to stay patient. Fewer rate hikes, pushed to later in the year. Market now priced for only two rate cuts in 2024, 

Note: headline inflation includes commodities like food and energy, while core inflation excludes food and energy prices. 

👉 $39B 10Y auction weaker than expected.

The US government auctioned $39B in government debt maturing in 10 years. The yield at auction was 3.1bps higher than expected. 

What does this mean? Rates were higher because there was less demand for the auction. So, yields were pushed up to sell off all the $39B of 10Y. 

Over the past 6 months the rate has hovered around 4.2%. 

👉 Arkhouse proxy battle against Macy’s ends with 2 directors names to board. 

Arkhouse proposed a buyout offer of Macy’s in December that was rejected by Macy’s board. 

The proxy battle was launched in February. The goal of a proxy is to get enough votes to replace the current board of directors with nominees. 

In March, Arkhouse raised their offer price to $24 with potential to increase with more information.