US employment cost index for Q1 +1.2% q/q vs +1.1% expected

• Employment cost index for Q1 % vs 1.0% last quarter
• Wages +1.2% vs +1.0% last quarter
• Benefits +1.2% vs +0.8% last quarter

This report was released about 30 seconds before the PCE data and there was an initial uptick in USD/JPY and yields on the release. It reversed after PCE though and long-dated yields are at the lows of the day. That suggests that the market has moved on from inflation or is at least confident that the Fed will move to the sidelines after hiking next week.