Fed will likely cut rates this year

The bond market is seeing rising yields, with the 10-year (^TNX) yield hitting 4.3%, partly due to a better-than-expected CPI print suggesting a slight deceleration in inflation. Tom Porcelli, PGIM Fixed Income chief US economist, joins Morning Brief hosts Brad Smith and Madison Mills to discuss the bond market's (^TYX, ^TNX, ^FVX) reaction to inflation data and recession concerns, and what this signals for the Federal Reserve's future actions. He explains that while the recent CPI report doesn't reflect tariffs, it is PCE that is driving yields higher.