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BOND SUMMARY

EGB/Gilt - Attention turns to the FOMC

EMERGING MARKETS

CZKPLN Approaching Key Resistance at 0.18

US TSY OPTIONS

Range in Underlying Spurring Vol Sales

USD

Extends gains against the Pound and EUR

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The recent U.S. spike in inflation is unlikely to persist beyond this year, according to a new San Francisco Fed blog post Friday, noting that price increases in health-care services, used vehicles and other "Covid-sensitive" products should be temporary.

Economist Adam Shapiro also noted a risk that recent gains could end up "raising longer-run inflation expectations among businesses, altering current and future price-setting behavior." MNI has reported the Fed's downplaying of faster inflation may send price expectations lurching higher than policymakers want.