Bond Bulls Cheering The Inflation Narrative

Thursday begins with 2 data points that could be traded either way.  In one corner, we have another resilient reading in the Jobless Claims data (237k vs 250k f'cast).  In the other, wholesale inflation (via PPI) came in at 0.1 vs 0.2 f'cast). If anything, Jobless Claims has been far more likely to inspire bond market movement recently, but even though traders arguably pushed yields briefly higher in response, the ongoing theme of "lower inflation" is ruling the day so far.