This is a sign of rising inflation expectations.
Update: Given the above, this comes as no surprise.
The Fed’s Favorite Inflation Measure Leapfrogs the CPI
San Francisco Fed’s Daly: AI’s Future Is Job Augmentation and Creation, Not Destruction
Core Inflation Softens, but the Final Mile to 2% Remains Sticky
Australian Dollar Breaks Out As Economic Winds Blow Toward Rate Hikes
The Fed’s Labor Market Divide Is Hardening Against Rate Cuts
This is a sign of rising inflation expectations.
Update: Given the above, this comes as no surprise.