Bond Investors Are Watching Jobs More Closely Than Inflation

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Cold feet

Super Thursday is with us. In the next few hours, we will find out how the European Central Bank intends to adjust monetary policy as Europe finally brings the pandemic under control, and we will also get to see whether the startling jump in April’s US inflation numbers persisted or even accelerated in May. A lot hinges on this. And yet markets have behaved as though the outcome of these events were already known. There has been a sharp move away from bets on inflation. The fall in the benchmark …