Heads up: US bond market closed for Veterans Day as stocks face a hot CPI hangover

The US bond market is closed today for Veterans Day, meaning Treasury trading is suspended while equities remain open and are digesting the hot consumer price index print released earlier in the week. A stronger-than-expected CPI reading raises the probability that the Federal Reserve keeps policy rates higher for longer, transmitting pressure through the rate-differential and inflation-repricing channels that drive yields and discount rates for long-duration equities. Rate-sensitive growth and technology names, along with small caps that carry more floating-rate debt, are typically most exposed to this repricing, while the dollar may find support against currencies whose central banks are seen as closer to easing. Because Treasury liquidity is thin during the holiday closure, traders will look to the reopening session and the next PCE inflation release, the Fed's preferred gauge, for confirmation of whether the CPI surprise reflects a durable trend.

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