Morning Note - May 14, 2021

Good Morning!

Equities are rallying again this morning as it appears the inflation scare was a short lived event. 10-yr is backing down to 1.63%.

Futures are higher as PPI and the Fed assuage inflation concerns. Tech futures outperforming pre-market as real yields are more negative. 10Y may roundtrip to its pre-CPI level by end of day (1.62%)? Commodities…