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BOTTLENECKS The long-anticipated jump in U.S. inflation appeared this month, and with a vengeance. Core consumer price inflation increased nearly 3%, double the prior rate, while the month-on-month increase of 0.9% was roughly triple expectations. Prices in reopening-related areas showed the greatest increase, with lodging up...

THE BASE EFFECT Investors are keenly focused on the risk of inflation, as higher bond yields would hurt both stocks and bonds. Over the last week, inflation data came in hotter than expected, yet both bonds and stocks rallied. It looks like our Stuckflation theme —...