The second quarter of 2022 saw bond yields climb even further, as persistent signs of inflation climbed and it became clear that the Fed was behind in their efforts to contain inflationary pressures. Coupled with an excruciatingly tight labor market, May’s CPI release came in at 8.6%, a 40-year high. Moreover, the Fed seemed to have lost some credibility because according to the University of Michigan index of inflation expectations for the..