Markets might feel as if they are locked in a state of persistent disarray, with bond yields rising and stocks retreating, and barometers of the price pressures in the American economy uncomfortably, and stubbornly, elevated.
On Tuesday, data from August showed that a closely watched measure of inflation, the consumer price index, was up 8.3% from the same month a year ago. Notably, food prices are rising at their fastest rate since around 1979, delivering a gut punch to the typical consumer.
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