🔺5-Yr Inflation Breakeven Rates Rise To The Highest Since 2005

The U.S. 10Y rise to the high end of its 3-month range, the yield in the 10Y is shy of 1.7%

U.S. CPI expanded at the highest rate since 2008

The 5-year breakeven rate reached the highest level seen since 2005 (expectations of annual inflation for the next 5-years)

Markets repriced the Federal Reserve on Wednesday. USD spiked on the release, BBDXY advanced by 0.7% over the session

Bloomberg reported that inflation forward markets were more calmed on Wednesday, this is a sign that markets could agree with the Fed's view of transitory price pressures