U.S. April CPI hits 3.8%—a 33-month high—pushing 10-year yields above 4.6%

Headline inflation rose 0.6% month-on-month and 3.8% year-on-year, the highest since May 2023, with energy driving 40% of the print. Ten-year yields jumped 14 basis points to 4.59%, hitting 1-year highs. New Fed Chair Warsh faces an inflation reacceleration headwind at his first FOMC.