Stubborn US inflation has revived talk of a jumbo Fed rate hike, unsettling bonds and weighing on equities. Yet sentiment has rebounded, led by strong results from neocloud and semiconductor names, while Anthropic's potential USD 1.5 trillion debut underscores both the promise and the capital intensity of the artificial intelligence boom. Dario Messi, Head of Fixed Income Research, discusses whether a December jumbo hike is realistic and what higher-than-expected US inflation means for bond markets.