AM Notes: Fed, Biden & Apple earnings

Interesting moves in U.S. yields yesterday after another 'OK' 7Y auction...

10Y bonds sold off, with yields rising to 1.63% from 1.58%.

10Y breakevens also pushed higher...

Australia's CPI missed: 0.6% vs 0.9% expected

The 0.6% rise in the CPI was softer than Westpac’s 1.0% forecast and the market 0.9% forecast.
And it was not just due to the unexpected decline in dwelling prices (more below). Food prices were 1.0ppt softer than forecast rising just 0.4% mostly due to much softer fresh fruit & vegetables. There was also

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Tim Vollans

• Spain

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