Summary: US CPI up 1.3% in June, higher than expected; “core” rate up 0.7%; 9% “sticker shock”; short-term Treasury yields up, longer-term yields decline, rate rise expectations harden; energy prices main driver of headline rise; core service sector inflation "concerning". The annual rate of US inflation as measured by changes in the consumer price index (CPI) halved from nearly 3% in the period from July 2018 to February 2019. It...