Gas prices are seen after U.S. consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve’s 2% target, in Beverly Hills, California, June 2, 2021.
Lucy Nicholson | Reuters
Inflation expectations are still being driven by a “temporary spate of supply issues” and there is no sign of continued upward pressure on prices, according to veteran economist Carl Weinberg.
Global stock markets were roiled on Tuesday by a spike in bond yields which saw the benchmark 10-year Treasury yield touch a high of 1.567%.
Along with concern over the U.S. debt ceiling debate in Washington, investors are also concerned about rising consumer prices. Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday that inflation could persist for longer than expected as reopening pressures and supply chain problems converge.
Speaking to CNBC’s “Squawk Box Europe” on Wednesday, Weinberg, chief economist at High Frequency…