Fears over price inflation returned in a big way this week as bond yields rose in the wake of recent government reports on consumer and producer prices. The US-Israel war on Iran continues to take a toll on global supply chains, and related price hikes appear to be partly driving growth in long term yields for both US, British, and Japanese debt. This week’s CPI and PPI reports both showed price inflation surging to multi-year highs, and not just on oil prices. This, combined with new increases in oil prices, appears to have spooked investors who are now, in the face of rising prices, are