datoid

T10YIE bottomed at 2.18% on 6/24 and has since ground higher to 2.27-2.28% by late July/early August, with a brief dip to 2.20-2.21% on 7/27-7/28 before resuming the climb. That's roughly a 9bp move off the low. This is happening alongside nominal 10Y yields hitting record highs (+8.2% over 3mo to 4.75%), meaning real yields are rising even faster than breakevens — a combination usually read as markets pricing stronger growth/term premium rather than pure inflation fear. PPI is up 3.9% over 3 months, well ahead of CPI (+0.7%) and Core PCE (+0.7%), which could be feeding into forward inflation expectations if producers pass costs through. Labor market data is mixed for the inflation story: unemployment is falling (4.20%, -2.3%) and job openings are up (+4.5%), but wage growth (+0.8%) and quits (-5.0%) don't scream overheating. Worth watching whether breakevens keep pace with nominal yields or whether this is just real-rate driven — do you see PPI pass-through as the main driver here?