US Mid-Morning Recap by TradeTheNews Staff - Equity and bond futures are up from their worst levels of the session but continue to languish in negative territory. Treasury yields spiked after January CPI data was reported above consensus for both the headline and core readings. The yield on the 10-year is back at 4.7% while the 30-year is approaching 4.8%. It should be noted that the data had very little effect on the Fed Fund Futures market as the Oct contract still sees odds of a rate cut at better than 50%. Interest rate jitters and a negative earnings report from NFI â39% have induced renewed selling in many on mortgage related names. CFC â2.5% LEND â2% NEW â7% NDE â2% IMH â4% DSL â2% The tale end of earningâs season has induced volatility in several names. MDT â5% HPQ â4% CRC â1.5% ZLC â2% TASR +9% MHS +7% ZZ +10% HL +5% ORB +7% TWB +7% CHE +20% Crude futures have drifted to session highs just above the $59 level while refinery stocks outperform most of the majors and drillers. VLO +1.7% SUN +1.7% TSO +1.8% - The Yen after trading up post last weeks GDP data has sold off across the board following the BofJ announcement that they are raising interest rates 25bp. The USDJPY trades just below the 121 level up more than 0.75% on the day. The Dollar is also making small headway against the Euro and Pound, helped by the CPI data and a somewhat dovish read of the BofE minutes. The Dollar is losing substantial ground to the Loonie after Canadian retail sales were reported well ahead of expectations. April Gold has moved to session highs at $668.50 helped by the late-morning strength in oil.