Slower inflation, higher rates; house prices and European gas.
These days you can't get to hear enough about inflation. Later Friday, we will hear from the University of Michigan inflation survey, which will give us a read-out on how the person in the street expects price pressures to evolve both in the short and long run. Concerns that the Federal Reserve will have to wrestle with elevated inflation for a long time are keeping Treasury yields on the boil. But gauging inflation and inflation expectations may be an art more than a science if measuring the price of mayonnaise is anything to go by.