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Illustration: Sarah Grillo

Bond investors were unfazed by Tuesday's consumer price index reading, which showed inflation picked up meaningfully in July.

By the numbers: The U.S. consumer price index rose a seasonally adjusted 0.3% last month from June and 1.8% from a year earlier. The core reading excludes volatile food and energy categories, up 2.2% year over year.

Why it matters: Normally a higher-than-expected inflation report would cause a selloff in Treasuries because inflation erodes the value of already held bonds, especially in longer-dated maturities. But not on Tuesday.

  • "For fixed income investors it’s a matter of competing with the rest of the world to find some sort of attractive yield while it’s still around. Maybe that’s actually outweighing the fear of slightly higher inflation," Gennadiy Goldberg, interest rates strategist at TD Securities, tells Axios.
  • "The thinking seems to be, 'We’d rather lock in higher yields right now, if we can, and worry about inflation later because it’s not really our concern,'" Goldberg said.

Go deeper

AOC and Ilhan Omar want to block Biden’s former chief of staff

Reps. Ilhan Omar and Alexandria Ocasio-Cortez. Photo: Brendan Smialowski/Getty Images

Reps. Alexandria Ocasio-Cortez and Ilhan Omar are boosting a petition against Joe Biden nominating his former chief of staff to a new role in his administration, calling Bruce Reed a "deficit hawk” and criticizing his past support for Social Security and Medicare cuts.

Why it matters: Progressives are mounting their pressure campaign after the president-elect did not include any of their favored candidates in his first slate of Cabinet nominees, and they are serious about installing some of their allies, blocking anyone who doesn't pass their smell test — and making noise if they are not heard.

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Butterball estimates that it sells one out of every three Thanksgiving turkeys, but knows that this year's celebrations will be different than years past.

Axios Re:Cap talks with the turkey giant's CEO Jay Jandrain about what people are buying, what they're asking the "Turkey Talkline" and what the pandemic has meant for his business.

Biden introduces top national security team

President-elect Joe Biden's nominee for Secretary of State Antony Blinken spoke Tuesday at an event introducing the incoming administration's top national security officials, where he told the story of his stepfather being the only one of 900 children at his school in Poland to survive the Holocaust.

What they're saying: "At the end of the war, he made a break from a death march into the woods in Bavaria. From his hiding place, he heard a deep rumbling sound. It was a tank. But instead of the iron cross, he saw painted on its side a five pointed white star," Blinken said.