yields on us government debt were rising again friday morning adding to the weakness in treasuries this week as fixedincome investors positioned ahead of the november consumer price index data due during the session which may reveal the highest annual inflation rate in 40 years a hot inflation report could solidify the view that the federal reserve will act more quickly to tighten monetary conditions when it meets next week and raise interest rates next year to cool surging pricing pressures what are yields doing   the 10year treasury note yields tmubmusd10y 1514 up compared with 1486 on thursday at 3 pm eastern time   the 30year treasury bond rate tmubmusd30y was at 1884 up from versus 1865 a day ago   the 2year note yield tmubmusd02y was at 0717 adding to its highest rate since march of 2020 compared with 0684 on thursday afternoon   for the week the 10year treasury has risen 172 basis points the 30year added 209 basis points and the 2year treasury note picked up 128 basis points based on 3 pm levels on dec 3 all eyes are on the us consumer inflation data due friday morning with prices expected to have risen by 67 yearonyear in november according to economists surveyed by the wall street journal when the data is published by the labor department at 830 am et the inflation rate is expected to top 5 for the sixth straight month to the highest pace since 1982 some analysts are wagering that the reading might come in a little cooler because of a sharp drop in oil prices cl1 last month but core inflation which excludes volatile food and energy prices is estimated to see a rise of 05 for the month compared with a 06 reading for october read traders see next us cpi reading close to 7 as volatile markets try to shake off omicron and federal reserve’s hawkish pivot fed chairman jerome powell signaled last week that the central bank is likely to move more quickly on reducing its monthly bond purchases amid fears that the omicron variant of the coronavirus that causes covid19 could intensify supplychain bottlenecks that have contributed to higher prices markets expect the tapering of treasurys and mortgagebacked securities purchases could be completed by march with multiple interest rate hikes expected in 2022 a punchy inflation report also could hamper president joe biden’s goal of passing a multitrilliondollar socialspending package through congress before the end of the year as some us senators fear fiscal stimulus is already overdone barron’s marketwatch’s sister publication writes what strategists are saying “with the fed funds futures market already pricing in almost 3 rate hikes in 2022 the now more hawkish jim bullard who votes next year said he wants two and everyone expecting a doubling of the pace of taper i’m not sure even an upside surprise to today’s cpi is going to move the treasury market much as i can’t imagine the fed going faster than what the treasury market now anticipates” wrote peter boockvar chief investment officer at bleakley advisory group in a friday note “i doubt they’ll even get to what is currently priced in “