There are more signs of inflation, but interest rates don't reflect that yet. "There is plenty of inflation," said David Kelly, chief global strategist at J.P. Morgan Asset Management. That can be seen in a recent rise in consumer prices and a rise in wholesale prices reported today by the Labor Department that shows a record increase over the past year. Still, Treasury note yields aren't spiking like we'd expect them to. Kelly offers a technical explanation for one of the reasons why: "One of them is the Treasury Department had a huge amount of money on deposit with the Federal Reserve, which it's actually been using to pay the bills for the last five or six months. Instead of issuing new debt, which would have pushed up interest rates, they've just been running down the checking account. And that has stopped interest rates from rising so far, but we still think, look, if there's inflation there, we're going to see higher rates in the months ahead."