Bond markets calmly end an 'uneventful session', with minimal spreads and insignificant intraday volatility.
It's hard to guess that the session was punctuated by the week's most eagerly awaited figures, namely the Consumer Price Index, which came out slightly above consensus.

The most closely watched component, Core CPI, came in at +0.3% (in line with expectations, but with inflation at +3.9% annualized vs. 3.8% expected), while the overall rate came in at +0.3% (+0.2% expected) and +3.4% annualized (vs. 3.2% expected).
The yield on the US T-Bond grabs a fraction at 4.041% vs. 4.029% on Wednesday evening.
Otherwise, - amid general indifference - Wall Street discovered that jobless claims were virtually stable, down by -1,000 on a weekly basis, which is equivalent to the uncertainty margin.

The CPI is not proving to be a game changer, and our OATs are tightening by 2pts to 2.74%, Bunds by +1.8% to 2.207%, and Italian BTPs are easing by -4pts to 3.812%.
Symmetrical trend in the UK, where Gilts are down +5.5pts to 3.875%.

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