Fed Not Expected to Move in 2015

The surge in bond yields—which move inversely to bond prices, was rather puzzling—given “relatively muted” economic growth, said Greg Davis, global head of fixed income at Vanguard, which just took the largest bond-fund crown from Pimco.

Citing recent data points, Davis said Thursday, “One in 9 Americans are still underemployed. You don’t see a ton of strength in the labor market.” (Tweet This)

The retail sales data on Wednesday and the Producer Price Index on Thursday morning “still point to no signs of inflation picking up in the marketplace,” he said on CNBC’s “Squawk Box.”