Inflation ticks up
Inflation (as measured by PCE) has dropped a lot since peaking at 7% in June 2022. The market had expected inflation to keep easing. But the annualized rate of price growth INCREASED from +5.3% in December 2022 to +5.4% in January 2023. This helped send 10-year US treasury yields over 4% (a big deal) and 30-yr mortgage rates back near 7%.