Summary: US CPI up 03% in April, slightly higher than expectations; “core” rate up 0.6%; some measures excluding volatile components beyond food and energy show declines; Treasury yields down but rate rise expectations firm; Fed won’t relax until monthly core inflation measures are closer to 0.2%; non-energy services main driver of headline rise. The annual rate of US inflation as measured by changes in the consumer price index (CPI) halved...