No sign of serious inflation

Kevin Drum:

...based on daily movements of Treasury rates, showed almost no movement today after the latest inflation figures were announced. Whatever the pundits are saying, the market doesn't seem to think today's figures meant much of anything at all. The 5/5 forward rate, for example, has been rising all year but dropped slightly today from 2.38% to 2.36%.

Bottom line: as with every other economic indicator, everyone should chill. Daily and monthly movements just don't mean anything....