In response to better-than-expected consumer price data for October, equity markets surged last week. The S&P 500 recorded its best week since early summer. Treasury markets were equally euphoric. The yield on the benchmark 10-year Treasury bonds fell to 3.81%, down from 4.17% on Nov. 4.
Still, wage inflation is far from defeated, and the Federal Reserve will continue to raise interest rates aggressively.
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