Before we jump into CPI, there were some other releases worth pointing out.
First, UK CPI came in softer than expected by 0.1% MoM.
Bank earnings have both kicked off and JPM and Wells Fargo both beat, and are guiding towards higher net interest income this year. I will look into it later to see for details on outlook for lending.
Speaking of lending, despite a move to over 7% MBS rates, MBS applications surged by 33%. To put into context how big a surge that is in percentage terms, see below.