{"id":213583,"date":"2024-10-10T12:56:41","date_gmt":"2024-10-10T16:56:41","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=213583"},"modified":"2024-10-11T12:40:36","modified_gmt":"2024-10-11T16:40:36","slug":"stagflationary-winds-steepen-the-yield-curve","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/","title":{"rendered":"Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024"},"content":{"rendered":"\n<p>Stagflationary winds hit the economic landscape this morning as a hotter-than-expected CPI was met with loftier-than-projected unemployment claims. The data is leading to yield curve steepening, as rate watchers are confident that the Fed is favoring labor market health over price stability. Bond vigilantes are once again pushing up rates for distant borrowing, because they have a strong hunch that inflation and deficit spending will remain a feature of US economics over the long haul. Meanwhile, equity investors are unfazed by news that weekly layoffs hit the tallest level in over a year and they remain motivated by persistent optimism regarding AI.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-september-inflation-exceeds-expectations\"><strong>September Inflation Exceeds Expectations<\/strong><\/h2>\n\n\n\n<p>September\u2019s inflation arrived hotter than analyst consensus forecasts, which we expected and communicated in our commentary yesterday. This morning\u2019s Consumer Price Index (CPI) release also featured the first year-over-year (y\/y) acceleration in core since March, illustrating the slow path to containing price pressures. The CPI rose 0.2% month over month (m\/m) and 2.4% y\/y with each result exceeding Street estimates by 0.1%. The core version of the indicator, which excludes food and energy due to their volatile characteristics, increased 0.3% m\/m and 3.3% y\/y compared to consensus expectations of 0.2% and 3.2%. The headline m\/m outcome matched August\u2019s result but the y\/y number headed south by 0.1%. The core m\/m also matched last month\u2019s counterpart but was up by 0.1% y\/y.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1050\" height=\"765\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-YoY-10-10-24.png\" alt=\"Consumer Price Index, CPI\" class=\"wp-image-213587 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-YoY-10-10-24.png 1050w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-YoY-10-10-24-700x510.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-YoY-10-10-24-300x219.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-YoY-10-10-24-768x560.png 768w\" data-sizes=\"(max-width: 1050px) 100vw, 1050px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1050px; aspect-ratio: 1050\/765;\" \/><\/figure>\n\n\n\n<p>The only major category to experience reduced charges was gasoline, with a 4.1% decline. Categories that sported increases and the amounts of the price hikes were as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Transportation services, 1.4%<\/li>\n\n\n\n<li>Apparel, 1.1%<\/li>\n\n\n\n<li>Energy services, 0.7%<\/li>\n\n\n\n<li>Medical care services,&nbsp;0.7%<\/li>\n\n\n\n<li>Food at home,&nbsp;0.4%<\/li>\n\n\n\n<li>Food away from home, 0.3%<\/li>\n\n\n\n<li>Used cars and trucks, 0.3%<\/li>\n\n\n\n<li>New vehicles, 0.2%<\/li>\n\n\n\n<li>Shelter, 0.2%<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-report-is-concerning\"><strong>Report Is Concerning<\/strong><\/h2>\n\n\n\n<p>One discouraging development is that the collective assist from decelerating shelter costs and contracting gasoline prices didn\u2019t drive a figure that matched projections.&nbsp;Another consideration is that we witnessed broad-based pressure from almost every category, which is unfavorable when considering that the Fed just went out of its way to deliver a 50-basis point (bps) reduction to its key benchmark. Furthermore, this month isn\u2019t trending well from a price perspective, with commodities up sharply and a buoyant stock market likely to intensify demand for gasoline, goods and services. The Fed is risking a 1970s d\u00e9j\u00e0 vu, when progress on inflation was reversed by excessive dovishness amidst undue complacency.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1050\" height=\"763\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-MoM-10-10-24.png\" alt=\"Consumer Price Index, CPI\" class=\"wp-image-213588 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-MoM-10-10-24.png 1050w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-MoM-10-10-24-700x509.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-MoM-10-10-24-300x218.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/CPI-MoM-10-10-24-768x558.png 768w\" data-sizes=\"(max-width: 1050px) 100vw, 1050px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1050px; aspect-ratio: 1050\/763;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-labor-turmoil-and-hurricane-push-unemployment-claims-higher\"><strong>Labor Turmoil and Hurricane Push Unemployment Claims Higher<\/strong><\/h2>\n\n\n\n<p>Unemployment claims were higher than expected last week, in part due to the Boeing and port labor strikes and Hurricane Helene. For the seven-day period ended Oct. 5, initial claims reached 258,000, significantly above the median estimate of 231,000 and the previous week\u2019s 225,000. It was the highest number of claims since August 5, 2023, when 258,000 individuals were handed pink slips. Furthermore, continuing claims arrived at 1.861 million for the week closing on Sept. 28, up from the prior period\u2019s 1.819 million, and soared past the median estimate of 1.830 million. Four-week moving averages ticked north on both fronts from 224,250 and 1.827 million to 231,000 and 1.832 million.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1050\" height=\"763\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Unemployment-Claims-10-10-24.png\" alt=\"Unemployment Claims \" class=\"wp-image-213589 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Unemployment-Claims-10-10-24.png 1050w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Unemployment-Claims-10-10-24-700x509.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Unemployment-Claims-10-10-24-300x218.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Unemployment-Claims-10-10-24-768x558.png 768w\" data-sizes=\"(max-width: 1050px) 100vw, 1050px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1050px; aspect-ratio: 1050\/763;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-one-trick-pony\"><strong>One-Trick Pony<\/strong><\/h2>\n\n\n\n<p>Markets are buoyant for the most part with the S&amp;P 500 inching closer to another all-time high despite mounting uncertainty regarding the fixed income complex, the labor market, the inflationary front and corporate earnings. It\u2019s a narrow rally though, with just 3 out of 11 sectors gaining, which is weighing on the Russell 2000 and Dow Jones Industrial indices; they\u2019re down 0.7% and 0.1%. But the S&amp;P 500 and Nasdaq 100 benchmarks are both up close to 0.1% as artificial intelligence (AI) optimism leads to huge buying pressure in Nvidia, which is up 1.8% and close to reaching a fresh all-time high close if it can hold on to gains. Additionally, progress of 1%, 0.3% and 0.2% in the energy, materials and technology segments is helping to offset the weakness in real estate, industrials and financials. Those components are losing 0.6%, 0.3% and 0.3%. In fixed-income, currency and commodity land, we\u2019re seeing the yield curve shift in a steepening motion, with the 2- and 10-year Treasury maturities changing hands at 3.97% and 4.09%, 5 bps lighter on the former but 2 bps taller on the latter. The dollar is taking its cue from the long end and is up 5 bps as it appreciates against the euro, pound sterling, yuan and Canadian tender while it depreciates versus the franc, yen and Aussie notes. Commodity investors are bullish as they feel the inflationary impulse, which is causing crude oil, silver, gold and copper to bounce 2.8%, 2.2%, 0.8% and 0.7%, but lofty mortgage rates are weighing on lumber as its down 0.6%. WTI crude is trading at $75.47 per barrel on supply worries related to Hurricane Milton as well as rising hostilities between Jerusalem and Tehran.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-more-data-on-tap\"><strong>More Data on Tap<\/strong><\/h2>\n\n\n\n<p>Looking ahead to tomorrow, we will get the second half of the one-two combo of inflationary pressures when the Producer Price Index is released. We will also receive UMich\u2019s Consumer Sentiment report. Similar to today\u2019s mix, the data will offer clues on the Fed\u2019s walk down the monetary policy stairs as well as the durability of household spending. Additionally, I\u2019ll be looking for commentary within the University of Michigan\u2019s release on how folks are feeling about the election, which still presents massive uncertainty despite the complacency being flaunted by equity bulls. In fact, Delta Air Lines (DAL) this morning warned that it expects the national event to trim one percentage point from its fourth quarter revenue growth. Similar trends of choppy spending have occurred in the months leading up to previous elections, says CEO Ed Bastian. Finally, here in our <a href=\"https:\/\/forecasttrader.interactivebrokers.com\/eventtrader\/#\/markets\">IBKR Forecast Trader<\/a>, former President Trump\u2019s odds are benefiting from recent momentum on the campaign trail, with our participants offering<a href=\"https:\/\/forecasttrader.interactivebrokers.com\/eventtrader\/#\/market-details?id=7331319802025010701&amp;detail=contract_details\"> Vice President Harris a probability<\/a> of 51%, down from yesterday\u2019s 52%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"950\" height=\"151\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/FX-Vote-10-10-24.png\" alt=\"\" class=\"wp-image-213590 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/FX-Vote-10-10-24.png 950w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/FX-Vote-10-10-24-700x111.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/FX-Vote-10-10-24-300x48.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/FX-Vote-10-10-24-768x122.png 768w\" data-sizes=\"(max-width: 950px) 100vw, 950px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 950px; aspect-ratio: 950\/151;\" \/><\/figure>\n\n\n\n<p><em>Source: ForecastEx<\/em><\/p>\n\n\n\n<p>To learn more about ForecastEx, view our Traders\u2019 Academy video <a href=\"https:\/\/www.youtube.com\/watch?v=ceR-weGZSXc\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stagflationary winds hit the economic landscape this morning as a hotter-than-expected CPI was met with loftier-than-projected unemployment claims.<\/p>\n","protected":false},"author":903,"featured_media":213585,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12711,18,6,8,9,26,3],"tags":[15269,3903,11672,8533],"contributors-categories":[13760],"class_list":{"0":"post-213583","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-economic-landscape","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-consumer-price-index-cpi","15":"tag-core-inflation","16":"tag-macro-outlook","17":"tag-stagflation","18":"contributors-categories-ibkr-macroeconomics"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024<\/title>\n<meta name=\"description\" content=\"Stagflationary winds hit the economic landscape this morning as a hotter-than-expected CPI was met with loftier-than-projected unemployment claims.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/213583\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024 | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Stagflationary winds hit the economic landscape this morning as a hotter-than-expected CPI was met with loftier-than-projected unemployment claims.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-10T16:56:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-11T16:40:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/cpi-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jose Torres\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jose Torres\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Jose Torres\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/92c2be3b6162d92fb996417221509b6e\"\n\t            },\n\t            \"headline\": \"Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024\",\n\t            \"datePublished\": \"2024-10-10T16:56:41+00:00\",\n\t            \"dateModified\": \"2024-10-11T16:40:36+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/\"\n\t            },\n\t            \"wordCount\": 969,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/10\\\/cpi-scaled.jpg\",\n\t            \"keywords\": [\n\t                \"Consumer Price Index (CPI)\",\n\t                \"core inflation\",\n\t                \"macro outlook\",\n\t                \"stagflation\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Economic Landscape\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/\",\n\t            \"name\": \"Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024 | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/10\\\/cpi-scaled.jpg\",\n\t            \"datePublished\": \"2024-10-10T16:56:41+00:00\",\n\t            \"dateModified\": \"2024-10-11T16:40:36+00:00\",\n\t            \"description\": \"Stagflationary winds hit the economic landscape this morning as a hotter-than-expected CPI was met with loftier-than-projected unemployment claims.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/stagflationary-winds-steepen-the-yield-curve\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/10\\\/cpi-scaled.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/10\\\/cpi-scaled.jpg\",\n\t            \"width\": 2560,\n\t            \"height\": 1440,\n\t            \"caption\": \"CPI. Consumer Price Index. Business\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/92c2be3b6162d92fb996417221509b6e\",\n\t            \"name\": \"Jose Torres\",\n\t            \"description\": \"Jos\u00e9 Torres is Senior Economist at Interactive Brokers. In this capacity, he is responsible for economic analysis, economic commentary and educational content focused on the economy. Prior to joining Interactive Brokers, Jos\u00e9 spent 6 years working as an economist in the United States government within the Federal Deposit Insurance Corporation (FDIC) and the Bureau of Labor Statistics (BLS). During his time with the U.S. government, Jos\u00e9 frequently led presentations covering economic conditions and forecasts for elected officials, political appointees and senior management. He also built economic models, consulted with private sector executives, contributed to the modernization of economic processes and gained recognition for predicting the inflationary episode of the 2020s. Jos\u00e9 has also been a professor of economics at the City University of New York and holds a master\u2019s degree in financial economics from West Texas A&amp;M University. His skillset includes the ability to communicate and analyze complex economic topics in English and in Spanish and throughout his career, he has been interviewed by media outlets including Bloomberg, CNBC, CNN, WSJ, AP, Yahoo Finance, Cheddar, Business Insider, Seeking Alpha, PBS, FOX, Economic Times, Univision, Telemundo and others.\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/jose-torres\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024","description":"Stagflationary winds hit the economic landscape this morning as a hotter-than-expected CPI was met with loftier-than-projected unemployment claims.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/213583\/","og_locale":"en_US","og_type":"article","og_title":"Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024 | IBKR Campus US","og_description":"Stagflationary winds hit the economic landscape this morning as a hotter-than-expected CPI was met with loftier-than-projected unemployment claims.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/","og_site_name":"IBKR Campus US","article_published_time":"2024-10-10T16:56:41+00:00","article_modified_time":"2024-10-11T16:40:36+00:00","og_image":[{"width":2560,"height":1440,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/cpi-scaled.jpg","type":"image\/jpeg"}],"author":"Jose Torres","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jose Torres","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/"},"author":{"name":"Jose Torres","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/92c2be3b6162d92fb996417221509b6e"},"headline":"Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024","datePublished":"2024-10-10T16:56:41+00:00","dateModified":"2024-10-11T16:40:36+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/"},"wordCount":969,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/cpi-scaled.jpg","keywords":["Consumer Price Index (CPI)","core inflation","macro outlook","stagflation"],"articleSection":["IBKR Economic Landscape","Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/","url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/","name":"Stagflationary Winds Steepen the Yield Curve: Oct. 10, 2024 | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/#primaryimage"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/cpi-scaled.jpg","datePublished":"2024-10-10T16:56:41+00:00","dateModified":"2024-10-11T16:40:36+00:00","description":"Stagflationary winds hit the economic landscape this morning as a hotter-than-expected CPI was met with loftier-than-projected unemployment claims.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stagflationary-winds-steepen-the-yield-curve\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/cpi-scaled.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/cpi-scaled.jpg","width":2560,"height":1440,"caption":"CPI. Consumer Price Index. Business"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/92c2be3b6162d92fb996417221509b6e","name":"Jose Torres","description":"Jos\u00e9 Torres is Senior Economist at Interactive Brokers. In this capacity, he is responsible for economic analysis, economic commentary and educational content focused on the economy. Prior to joining Interactive Brokers, Jos\u00e9 spent 6 years working as an economist in the United States government within the Federal Deposit Insurance Corporation (FDIC) and the Bureau of Labor Statistics (BLS). During his time with the U.S. government, Jos\u00e9 frequently led presentations covering economic conditions and forecasts for elected officials, political appointees and senior management. He also built economic models, consulted with private sector executives, contributed to the modernization of economic processes and gained recognition for predicting the inflationary episode of the 2020s. Jos\u00e9 has also been a professor of economics at the City University of New York and holds a master\u2019s degree in financial economics from West Texas A&amp;M University. His skillset includes the ability to communicate and analyze complex economic topics in English and in Spanish and throughout his career, he has been interviewed by media outlets including Bloomberg, CNBC, CNN, WSJ, AP, Yahoo Finance, Cheddar, Business Insider, Seeking Alpha, PBS, FOX, Economic Times, Univision, Telemundo and others.","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/jose-torres\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/cpi-scaled.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/213583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/903"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=213583"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/213583\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/213585"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=213583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=213583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=213583"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=213583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}