*What does high inflation data imply to the US economy?* The data officially puts the 10-year note yield back above 4.60%. This is +20 basis point above the lows seen just a few days ago. Such a sharp move higher in the bond market emphasizes just how hot the inflation data was. *So, what about Fed rate cut expectations?* After the data, the market now sees ONE rate cut this year, in October 2025. From there, the market does not see another rate case until DECEMBER 2026. The market effectively sees higher rates for years to come amid the recent data shifts. ~ *Atlas Investments LLC* #investwithatlas