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Another month, another set of terrible inflation data for the U.S. The headline number topped 8% for the first time in four decades, but the overall numbers were not wildly different from what had been expected. As a result, the market reaction wasn’t dramatic, with bonds regaining a little from Monday’s selloff but leaving the dramatic rise in yields this year intact, while stocks fell a little. What’s under the surface? Here are answers to the critical questions.