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Data: Investing.com; Chart: Axios Visuals

The consumer price index rose 0.6% last month for the second straight time, with gasoline accounting for a quarter of the gain. Core CPI, which strips out food and energy prices, jumped by 0.6%, marking the biggest gain since January 1991.

Why it matters: The back-to-back CPI increases combined with Tuesday's bounce back producer price index reading, suggest inflation is far from dead.

  • Inflation worries also were stoked by Friday's jobs report, which showed stronger-than-expected gains last month.

Where it stands: Benchmark U.S. 10-year Treasury yields settled at 0.67% Wednesday, the highest since July 6, as the market has seen a notable reversal.

  • Last week 10-year yields stalled near record lows below 0.6%.
  • Yields have now risen in four consecutive sessions.

What they're saying: "Inflation initially collapsed in [the second quarter] as the pandemic hit, but it has recovered quickly in recent months as central banks engaged in unprecedented easing," Bank of America commodity and derivatives strategist Francisco Blanch said in a note to clients.

  • "In turn, the aggressive expansion of monetary and fiscal policy in the US has led to fears of US currency debasement and overshooting inflation."

What it means: Blanch recommends commodities, currencies like the Mexican peso and Brazilian real and Treasury Inflation-Protected Securities, which "are closely correlated to inflation."

Go deeper

Dion Rabouin, author of Markets
Oct 1, 2020 - Economy & Business

Midwest manufacturing survey soars

Data: Investing.com; Chart: Axios Visuals

Unexpectedly strong U.S. data may have helped pull the stock market out of its funk over the past few days.

Driving the news: Following Tuesday’s stronger-than-expected consumer confidence report from the Conference Board, ADP reported the biggest increase in private-sector job growth in three months Wednesday and a measure of business conditions in the Midwest rose to the highest level since the end of 2018.

Updated 14 hours ago - Technology

From Malcolm X to "Free Britney," new media shapes the justice system

Illustration: Shoshana Gordon/Axios

True crime documentaries, podcasts and social media campaigns are bringing new attention to real-world legal proceedings — and are often affecting the outcome.

Why it matters: New media platforms can instantly put a national spotlight on cases that have long been forgotten or buried under red tape.

Updated 17 hours ago - Health

The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.