Dr. Ed Yardeni Go figure: Stocks & bonds sold off on Tuesday following a hotter-than-expected Q1 Employment Cost Index (ECI). It was up 5.4% q/q (saar) and 4.1% y/y. Today, they both rallied despite a hot Q1 unit labor costs inflation report. We agree with the markets’ response to today’s news because it is consistent with our view that inflation…

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