Record Inflation? Bond Yields Disagree

Details are important, always check the details!

Another reading of consumer inflation has made a new record, this time with an almost 30 year high. Core PCE, on a year on year (YoY) basis for April ‘21 came in at 3.1%, which is the highest reading since 1992! While this makes for an undoubtedly eye-catching headline, and adds even more fuel to the popular “the economy is overheating” narrative, what do markets make of it?

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