The forces he sees at work include inflationary pressures from the AI buildout, exacerbated by tariffs, labor constraints and oil-price spikes.

Nonbank mortgage firm Pennymac said having an in-house system gave it a leg up on implementation, while a vendor also reported progress in its systems testing.

If nothing else, this morning offers confirmation of just how nervous the market is about inflation. The producer price index barely beat its forecast (in fact y/y CORE PPI was on the screws), but this was enough for bonds to add on to modest overnight gains in a modestly enthusiastic way.  We almos