Treasury Yields Spike as Hotter Inflation Data Damps Hopes for Fed Rate Cuts
• Treasury yields reach highest levels since December as inflation gauges exceed forecasts • Producer price index rises more than expected, reducing hopes for rate cuts • Markets trim expectations for Fed rate cuts in 2023 from nearly 100% chance to 88% • Atlanta Fed president says no rush to cut rates with still-strong economy and labor market • Yields pull back from session highs as institutional buyers dip in; 10-year yield hits 4.33%