While inflation appears to have peaked last summer, unfortunately for the Fed, and by extension the bond market, the future road may not be as much of a one-way street to the downside as we saw during the autumn months. During this week's episode of the Basis Points podcast, Kevin Flanagan covers the latest Consumer Price Index data and explains why the Fed will continue to operate under the assumption it ‘has more work to do’ in fighting inflation.

Basis Point: 1/100th of 1 percent.