PeopleImages/E+ via Getty Images Seventies-style inflation is already here, with the CPI up 0.9% in June and 5.4% Y/Y - the strongest annual pace since 2008. Stripping out food and energy brings the annual rate to 4.5%, the quickest since 1991. The bond market, however, says the "transitory" story is correct, with the 10-year yield actually slipping a hair on the news, now down to 1.36%. The iShares 20+ Year Treasury Bond ETF (TLT) and the ProShares UltraShort 20+ Year Treasury ETF (TBT) are little-changed in premarket action. Gold 2.0 (BTC-USD) isn't impressed with the news either, slipping 3.4% to $32,400. Your father's gold (XAUUSD:CUR) is working this morning, gaining about $8 per ounce after the news release, now at about a one-month high of $1,816. The SPDR Gold Trust ETF (GLD) +0.15% premarket.