Summary: US Fed’s favoured inflation measure up 0.5% in January; in line with expectations; annual rate accelerates from 4.9% to 5.2%; indicates a “broadening of inflation pressures”, highest core reading since April 1983; Treasury bond yields hardly move, rate rises firm up. One of the US Fed’s favoured measures of inflation is the change in the core personal consumption expenditures (PCE) price index. After hitting the Fed’s target at the...