(Bloomberg) -- More evidence that inflation has taken hold in the U.S. economy spurred bets that it can withstand higher interest rates as it waits for stimulus from the Trump administration, fueling a rally that took global equities toward a record and a selloff in Treasuries.

MSCI’s broadest measure of global equities closed at a record for the first time since May 2015, while the S&P 500 capped its longest winning streak in three years, as retail sales in the U.S. advanced more than forecast, suggesting consumers are positioned to buttress economic growth. The 10-year Treasury yield topped 2.50% as the cost of living increased in January by the most since February 2013, adding to a raft of readings showing faster inflation in major economies. Emerging-market stocks jumped, while the dollar slipped with crude.

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