The treasury secretary pointed to low unemployment before the pandemic, which didn't lead to inflation
The wait-and-see message caused bond yields to jump
The consumer price index hasn't been above 1% in about a year
Despite the monthly increase, inflation remains tame
Some of the longer-term deflationary pressures are becoming less potent
Air transportation prices fell 14.5%
The increase was the largest in four months
Canadian real return bonds outperformed as investors eyed a recovery
The month's increase in prices beat expectations
Inflation has been dormant for most of the past decade, allowing the Fed to push interest rates to ultra-low levels