Net effect. Composition of bond variance shifts from “growth” to “inflation” as horizon lengthens—and the yield is higher because the TP layer is added to the earlier EASR move.

Back-to-back growth shocks can stack: EASR up from the new shock + TP up from the prior inflation—keeping yields elevated.

Trade deficit widened to $78.3B vs. $77.9B est. & $59.1B prior (rev from $60.2B) … imports +5.9% vs. -3.6% prior; exports +0.3% vs. -0.3% prior