Kameleon007/iStock via Getty Images Stocks look set for a higher open, while bond yields are edging even lower after the market was able to shrug off 5% headline retail inflation. Nasdaq 100 futures (NDX.IND) (QQQ) lead the way, with S&P futures (SPX) (SPY) solidly higher and Dow futures (INDU) (DIA) ticking up a bit. The 10-year Treasury yield (TBT) (TLT) is off another 2 basis points to 1.44% after its slump yesterday. There were reports that the drop was caused by a short squeeze, with lots of institutions betting against bonds going into the May CPI report. But others are arguing that with the current monetary policy, Treasuries just aren't a good gauge of inflation expectations anymore, compared to, say, fed funds futures. In their Flow Show note today, BofA strategists say they are hearing: "Nobody knows how to trade inflation, everybody knows how to trade 'don’t fight the Fed.'" Meme stocks
