Inflation is a lot like the weather—everybody talks about it, but there’s little that can be done about it in the short term. So, when there are violent storms, investors need to seek cover.
That was evident Wednesday, after news of the biggest inflation surge in three decades reverberated through the markets. The Treasury’s auction of 30-year bonds that day drew shockingly weak bids, sending longer-term yields sharply higher. In turn, equities slumped, especially technology growth stocks on the Nasdaq, whose distant earnings…
