Bonds have soared after yields collapsed due to CPI coming in slightly better than expected. This follows months of consistently high readings fueling a hawkish Fed. With this reading, the markets will likely start to anticipate a pivot to a less hawkish stance. ZN broke through our target of 110'27, and moved a full handle above that to 111'26. It is currently meeting resistance at 111'29 or so, where a red triangle on the KRI is confirming resistance. Watch for ZN to equilibrate as the news gets priced in. If we can keep going then 113'12 is the next target, otherwise, 110'27 should give support.