Once again, the bond market speaks in the language of consequence: U.S. Treasury yields have climbed to nearly 5%, a threshold not crossed in years, as August inflation data reminded investors and policymakers alike that the battle against rising prices is far from won. The Federal Reserve's sustained campaign to cool the economy has yet to fully extinguish the inflationary pressures that have defined this era, and markets are now pricing in the possibility that the cost of that fight will be higher and longer than many had hoped. What begins in the bond market does not stay there — it travels