On Tuesday, the yield on the 10-year Treasury surged nearly 10 basis points in a few hours, rising above 4.49 percent. The rising yield came after the release of new price-inflation data showing that CPI growth had hit a five-month high and remained well above the Federal Reserve’s two-percent target for price inflation. Rising yields often indicate that bond investors believe price inflation will continue to grow, so it was probably no coincidence that bond yields—especially on longer-term bonds—jumped following the report’s release. 

“Emergency Medicaid is often used by immigrants, including those who are lawfully present and those who are not.”

Steve Hanke criticizes Trump and Fed Chairman Powell for their flawed focus on interest rates over money supply, blames the Fed for exacerbating income inequality, and argues that tariffs cause temporary price blips while money supply drives long-term inflation trends.

#HankeInflationDashboard: By my measurements, this week’s top 5 inflators are: 
🇻🇪 Venezuela — 279.5%/yr
🇿🇼 Zimbabwe — 79.1%/yr
🇸🇸 South Sudan — 76.1%/yr 
🇮🇷 Iran — 57.2%/yr
🇪🇹 Ethiopia — 41.1%/yr pic.twitter.com/kvMDr0EUhR

— Steve Hanke (@steve_hanke) July 17, 2025

In many ways, the rest of America is catching up to truths long known by those who follow the work of the Mises Institute. The MAGA political movement normalized the concept of a parasitic, bureaucratic leviathan immune to the romantic stories we are told about where true governing power lies in our institutions. Covid revealed the sinister, tyrannical urge lurking beneath the facade of government, and the corruptive influence of the state on matters of science.