KG: "Don't be Surprised" if Crude Retests $120, Explaining Market "Holding Pattern"

February wholesale inventories came in better than expected while GDP and core PCE printed slightly below Wall Street estimates; the mixed, delayed data set is already shaping market expectations ahead of Friday's CPI. The divergence reduces clarity on near-term inflation momentum and may keep rate-sensitive assets and Treasury yields choppy into the CPI release.

Analysis

February wholesale inventories came in better than expected while GDP and core PCE printed slightly below Wall Street estimates; the mixed, delayed data set is already shaping market expectations ahead of Friday's CPI. The divergence reduces clarity on near-term inflation momentum and may keep rate-sensitive assets and Treasury yields choppy into the CPI release.