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SPXE - Not Worried About Inflation... Until Next Month
ProShares S&P 500 Ex-Energy
The CPI release last week was hot, but apparently it could be explained as "transitory," which caused the Treasury market to rally and yields to fall.
CPI rose last month at an annualized 7.2% rate, and it is likely headed higher. Needless to say, if I expect inflation to rise further on the reopening of the economy, I wouldn't expect Treasury yields to fall in a meaningful way.
I think we will most likely see Treasury rates above 2% by the end of the second quarter, notwithstanding the decline last week.