US employment cost index for Q4 1.0% vs 1.1% estimate

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• Employment cost index for Q4 1.0% vs 1.2% last quarterly
• Wages 1.0% vs 1.3% last quarter
• Benefits 0.8% vs 1.0% last quarter

The data was a bit weaker than expectations. US yields have moved lower with the two-year trading at 4.217%. The 10 year is trading at 3.51% down -4.0 basis points. However, at 1.0%, it still is relatively high from historical perspective. Pre-pandemic, the numbers were south of 1% on a regular basis. Inflation is lower but is still relatively elevated.

US stocks have erased their declines and trade above and below unchanged.