Inflation anxiety is rising, commodities prices have popped and the consumer price index increased at a pace far above expectations in April. What isn’t increasing is the benchmark 10-year Treasury yield. Let’s restate that: it’s no longer rising.

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Identifying which way the macro wind is blowing isn’t getting easier. So far this month the government has published five key economic reports and each one has delivered sharply divergent results relative to the consensus forecasts. It’s unclear how long the surprise factor will remain in overdrive, but for the near term the incoming numbers may be unusually misleading.

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* Israel-Gaza conflict continues with no sign of ceasefire
* China accuses US of threatening peace as warship transits Strait of Taiwan
* World currently facing multiple crises, UN Secretary warns
* Ex-Treasury secretary Summers says Fed will be forced into sudden rate rise
* President, Treasury secretary promote $2.3 trillion infrastructure package
* Is 4% inflation the tipping point for triggering lower stock prices?
* Chinese regulators tighten rules on using cryptocurrencies for payments
* US housing starts fell sharply in April but building permits rose moderately: