"The inflation number was stronger than expected. The Federal Reserve is now saying higher for longer. U.S. credit default slots on the U.S. government just hit one year highs, higher than they were in 2008 during the great financial crisis. The Treasury noted that they upsized the amount they are going to have to borrow by 60% than they expected three months ago. There is not as much attention on what higher for longer means for the U.S. government's interest expense. Also, U.S. tax receipts are falling at an individual level," says Luke Gromen.