inflation breakeven rates which reflect market expectations of the inflation outlook all jumped after the release of the august cpi data the twoyear breakeven rate rose to 243 while the 5year breakeven advanced to 260 and the 10year rate was 244 according to bloomberg data the jumps reflect the unexpected upside surprise of the august cpi but were still less than the advances seen in nominal treasury yields which soared on tuesday in anticipation of future fed rate hikes according to ben emons managing director of global macro strategy at medley global advisors in new york the substantial rise in treasury yields was led by the 1year yield while all three major us stock indexes djia spx comp remained lower on the day