Business Maverick: ‘Team Transitory’ Gets a U.S. Inflation Win — But Not a Blowout

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After months of supercharged U.S. inflation readings, August data offered some comfort for “team transitory” –- those at the Federal Reserve and elsewhere who say price spikes caused by the economy’s reopening will soon abate.

Still, the numbers won’t settle the great inflation debate. Plenty of economists point to persistent supply-chain problems and rising wages as reasons why inflation might stay higher-for-longer in the months ahead.

U.S. government bonds gained on expectations the August numbers will ease pressure on the Fed to start tightening monetary policy. Yields on 10-year Treasuries dropped about 5 basis points to 1.28%. Snarled supply chains and shortages of materials -– two key drivers of pandemic inflation –- helped push prices for household furnishings up a record 1.2% last month.

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