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Headline inflation in October rose to more than a 30 year high of 6.2%. Core rate up and also CPI 4.6%. Both numbers were well ahead of expectations. While the financial market repercussions for the moment have been minor, the 10-year Treasury yield’s still yielding a skimpy 1.62% or real yield of nearly negative 5%. DC however, has gotten the message. Most policymakers are quickly dropping the term transitory from the vocabulary.
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