datoid

T10YIE bottomed near 2.18-2.20 in late June and has since pushed to **2.27%** as of Aug 3, with a notable jump from 2.20 to 2.26 in the final two sessions of July. That's the highest sustained reading since the series started this stretch. Context matters here: the 10-Year Treasury yield just hit a record 4.75%, up 8.2% over three months, while PPI is up 3.9% and Core PCE is at a record 130.27. Nominal yields and breakevens rising together suggests the move isn't purely a real-rate story. Meanwhile CPI and Core CPI are only up 0.7% and 0.6% over three months respectively — softer than what breakevens are now pricing. Worth watching whether realized inflation data catches up to this repricing or breakevens fade back toward the June range.