The Fed's Buybacks Are Not QT Nor QE, but Bonds Mature.

The April CPI print is expected to come in at 4-10th of a percent month over month. On Friday, we get the University of Michigan's survey for May and contains the forward-looking inflation expectations number. While we're not expecting a near-term retracement of inflation back to levels that the Fed would view as consistent with their longer-term objective, eventually the year-over-year base effects combined with a moderation in that monthly gains will lead the Fed to emphasize forward- looking inflation expectations rather than realized data.