Summary: US CPI up 0.1% in March, less than expected; “core” rate up 0.4%; “good news” in headline CPI but core inflation remains “elevated”; Treasury yields generally fall; rate-cut expectations firm; main downside surprise from easing in shelter prices; non-energy services prices main driver, adds 0.23 ppts. The annual rate of US inflation as measured by changes in the consumer price index (CPI) halved from nearly 3% in the period...