Summary: US CPI up 0.4% in April, as expected; “core” rate up 0.4%; NAB: seen as supportive for expectations of Fed pause; Treasury yields fall; rate-cut expectations harden; NAB: report detail “less convincing”; Citi: consistently too-strong pace of underlying inflation likely not be encouraging to Fed officials; non-energy services prices again main driver, adds 0.23 ppts. The annual rate of US inflation as measured by changes in the consumer price...