Daily Note | September 11, 2024 | CPI Day, Buffer ETFs, Ally Financial Bonds

Summary

• Markets are expected to open lower as August CPI data confirms a 25 bps Fed rate cut next week, with Core CPI slightly hotter.

• Ally Financial's stock plunged due to poor results, but as bondholders, we only care about the company's viability to repay principal.

• Swapped Ally 7.1% 2027 bonds for Blue Owl Credit Income 6.65% 2031 bonds, increasing yie…