US Treasury yields surged to multi-year highs this week. The 10-year hit 4.59% (highest since mid-2025) and the 30-year closed at 5.12%, a level not seen since 2007. The catalyst: hotter-than-expected inflation across the board. CPI came in at 3.8%, producer prices rose, and oil is back above $100/barrel. Markets are now pricing in fewer cuts, and possibly hikes, from new Fed Chair Kevin Warsh. Liquidity is tightening.(Lark Davis)