October 15, 2026 05:16 PM GMT Inflation Drove the Treasury Sell-Off Through Real Yields Inflation and the Fed's response to it drove most of the Treasury sell-off. A hawkish Fed lifts real yields and lowers breakevens while higher energy prices lift breakevens, so real yields rose while breakevens barely moved. We don't buy the argument that this sell-off wasn't about inflation. Key Takeaways Click here for our Bloomberg Ticker Almanac. Please add me to your distribution list. | M October 15, 2026 05:16 PM ...