Closing Bell Hot Inflation Read Spikes Yields 5/13/26
May 13, 2026
Christina Partsinevelos, CNBC reporter covering earnings and IPOs, previews Cerebras and breaks down Cisco’s AI-driven results. She discusses corporate AI orders, Cerebras’ big IPO pricing and risks, and how AI demand is reshaping chip and enterprise spending. Short, punchy conversations on yields, inflation signals, and consumer pain from rising gas round out the market canvas.
AI Snips
Chapters
Transcript
Episode notes
Inflation Surprise Yet Controlled Bond Reaction
- Hot PPI surprised above expectations but bond moves were controlled, with 10-year briefly touching 4.5% then retreating.
- Institutions and hedging flows dominated, tens closed at a 10-month high and 30s at a one-year high.
Core Inflation Versus Fiscal Driven Term Premium
- Core inflation and short-term yields are diverging from long-term term premium driven by fiscal and capex demand.
- Jeff Rosenberg says core PCE is calmer, but fiscal financing needs raise the term premium on the long end.
Position In Belly Of Curve Not Long End
- Favor belly of the curve for investors because two-to-seven year yields price inflation risk while the long end still faces higher term premium.
- Expect the back end to have more room higher as fiscal issuance increases.