After refreshing Friday's record high of 2.94%, the inflation gauge fell to 2.84%.
Despite the recent pullback, inflation expectations do indicate an upside risk. This could push the US Federal Reserve to reconsider the 0.50% rate increase in today's Federal Open Market Committee.
The Fed's verdict is not the only risk factor to be aware of. Also, China's covid woes and the peace talks between Russia & Ukraine in Turkey are key risk factors to keep an eye on.