Morning Note | May 10, 2023

Good Morning!

Markets are moving higher on the better-than-expected inflation report which is pushing down interest rates.  The April CPI came in at +4.9% y/y, less than the +5.0% number expected.  Core CPI is now at +5.5% vs. an expectation of +5.6%.

The markets are rallying on the news though I don't think it's as bullish as many are taking it.  Month-o…