SCARLET: FROM NEW YORK CITY, I'M SCARLET FU, BLOOMBERG REAL YIELD STARTS RIGHT NOW. COMING UP, BOND VIGILANTES RETURN WITH A VENGEANCE SENDING U.S. YIELDS ON THE LONG AND TWO MULTIYEAR HIGHS FOLLOWING THE FED DECISION TO HOLD RATES STEADY WITHOUT OFFERING A CLEAR READ ON THE PATH FORWARD. TODAY'S DATA RELEASE SHOWING THE CENTRAL BANK'S FAVORITE INFLATION MEASURE PULLING BACK FOR THE FIRST TIME SINCE THE PANDEMIC.WE BEGIN WITH THE BIG ISSUE, A MARKET QUESTIONING THE FED'S CREDIBILITY. >> THE MARKET MAY INDEE ...