The 10-year Treasury yield is 1.58%, flat with the level it initially spiked to in late February and down from its late-March recovery high near 1.77%. The inflation rate is running far above the 10-year yield, and so is the 10-year breakeven rate. U.S. commodity prices have surged 75% in the last year, and the Atlanta Fed’s GDPNow estimate of current quarter real-GDP growth is a red-hot 10.1%.