US consumer price index for August came in at 3.4% year-over-year and 0.4% month-over-month, while core CPI reached 2.4% annually, according to the Bureau of Labor Statistics report released on September 11. US 10-year Treasury yields approached 5%, a level not seen since late 2023, and the 30-year yield hit its highest in 19 years. Brent crude oil crossed the $100 per barrel threshold, trading between $108 and $110 amid geopolitical tensions in the Middle East. Market-implied odds of a 25 basis point rate hike at the upcoming FOMC meeting on September 15-16 jumped to 65-70%, complicating the Federal Reserve’s task.
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