September’s headline CPI print came out slightly higher than market expectations as inflation remains sticky. “We’re not going to 2% inflation, but the bond market still wants to believe we will or come close to it.” For investors, it creates a nearly impossible field to navigate, with no real forward-looking, reliable guidance. This can offer noteworthy tax advantages, and the fund’s managers also may engage in tax-loss harvesting opportunities throughout the year on the put options.