On Thursday, the Bureau of Labour Statistic reported that the US Consumer Price Index (CPI) rose 0.6% in January 2022, with big increases in the prices of food, energy and shelter compared with December 2021. That is even higher than consensus expectations and leaves annual inflation running at 7.5%, its highest level since 1982.
Two-year Treasury yields shot up by 21.4 basis points in the aftermath as investors sought to reset expectations for how the Federal Reserve will respond next month.
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