The markets are betting on inflation not just being so 2024.

the US government’s monthly auction of 10-year notes on Tuesday...landed the highest yield for newly auctioned securities since 2007.

The overall yield on the US 10-Year Treasury Bond also touched its highest intraday point, 4.699%, since last spring. That’s thanks to an extended selloff emboldened by new economic data suggesting more interest rate cuts are less likely in the short term thanks to economic growth coupled with more stubborn inflation.

Yields on the 10-year note have been rising since December as markets have bet that President-elect Donald Trump’s economic plans, like tariffs, and all-around animal spirits could push up inflation and the deficit, further reducing the probability of rate cuts.

Wouldn’t be surprised by a purchasing bump in the near term to stock up before the expected tariff impact makes things more expensive.