Macro Briefing: 14 February 2024

* Fed expected to delay rate cuts after hotter-than-expected inflation data
* US 10yr Treasury yields rises sharply to 4.32%–highest since November
* Can a resilient US economy withstand higher interest rates?
* US patent office rules that AI systems cannot be named inventors
* Bitcoin rises above $50,000, showing resilience after hot inflation report
* US consumer inflation is firmer than expected in January:

Global bond market reverses gains since Powell’s pivot in December. “I don’t think 2024 it is going to be the year of the bond,” Andrew Lilley, chief rate strategist at Barrenjoey, tells The Australian Financial Review. “At the start of 2024, the market became too convinced that this inflation problem had disappeared.”