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For the second straight month, the year/year change in core CPI came in at 0.9%, which remains at its lowest level since 1966.

Since 1958, there have only been four other months besides April and May where the core CPI was at or below current levels. With core inflation running at a rate of under 1%, 3%+ yields on the ten-year may not look so bad after all. (Click to enlarge)

Source: Core CPI Remains at Lowest Level Since 1966