The yield on the 10-year US Treasury note rose to 4.33% on Thursday after data reflected high prices and a robust economy, strengthening the case for hawkish policymakers in the FOMC. The S&P PMI rose to its highest level this year to reflect ample growth in new businesses. Additionally, the survey indicated that high input costs drove firms to raise selling prices the most in three years, coinciding with the three-year high inflation gauge published by the Philly Fed. Earlier, minutes from the FOMC's last meeting showed that most policymakers agreed that inflationary risks were greater than concerns of a softer labor market, in addition to some consensus that inflation expectations risked being unanchored. Still, labor market concerns remained, as stronger labor developments in the S&P report were offset by growth in continuing jobless claims by the DoL, now at a 2021-high. Tomorrow, Fed Chair Powell will deliver a keynote speech and potentially signal future rate directions.