Bloomberg business flash Well the price action in today's session was driven by and large by the report that we had on the cost of living for the month of April The consumer price index did show prices cooled ever so slightly last month from level seen in March but some of the details were a little troubling to core rate as an example was hotter than forecast and on an annual basis it's running this is core CPI right now at a rate of around 7% And then on top of that services cost accelerated that would suggest wage inflation is going to be a problem If you look at what happened in the treasury market today the curve flattened on the bed for aggressive fed tightening the yield on the two year was up more than two basis points last quoted in yield terms at two 63 at the longer end though yields were down with a ten year losing about 8 basis points to two 91 So what is that roughly 28 basis points and spread between the two and the ten If you look at the damage in the equity market let's begin in the NASDAQ where the composite index was down about 3.2% S&P weaker today by 1.7% The dad was down by 1% today And that risk aversion can be seen also in Bitcoin where below 29,000 right now after losing more than 5% of New York trading 289,000 checked at 28,940 Information is moving so fast I can't even make sense of it We'll take another look at market action for you in 15 minutes Head Baxter has global news next from the Bloomberg newsroom at San Francisco Eddie All right Douglas thank you democratic leadership in the center of this field and it's time to codify abortion rights into law the vote to move the bill to the floor needed 60 eyes It got 49.