The Fed's war on inflation isn't over just yet, this bond-market gauge says

• Traders expect the US inflation rate to hover above 2% for years, according to one bond-market gauge.
• That means the Federal Reserve's war on soaring prices isn't over just yet.
• Rising crude oil and wheat costs have given Wall Street cause for concern over the past month.

The Federal Reserve's war on soaring prices might not be over just yet, a key bond-market gauge is showing ahead of Thursday's July inflation report.

While the Consumer Price Index has cooled away from four-decade highs over the past 12 months, the 5-year breakeven inflation rate is holding steady at over 2.3%, according to data from Refinitiv.