QCP Market Colour, 16 October 2026 1/ September CPI printed hot: 0.6% m/m, 3.7% y/y (vs 0.6%, 3.6% consensus). Core 2.6% y/y vs 2.5% expected. Monthly core 0.3%. Inflation data was firm across the board. Yet Treasury yields declined sharply. The 10yr peaked 5.35%, 30yr 5.73%, then reversed. Flight-to-quality overrode inflation signal.