(Bloomberg) — Global stocks extended a record high and U.S. Treasuries were steady amid growing confidence inflation will prove transitory, leaving scope for continued central-bank support. The MSCI All Country World Index was poised for a fourth weekly advance. S&P 500 Index futures were little changed after the benchmark gauge scaled a new high Thursday. Vertex Pharmaceuticals Inc. tumbled 12% in premarket trading after halting the development of a therapy for a rare genetic disorder. Faster-than-expected U.S. consumer-price growth for May was largely driven by categories associated with economic reopenings, bolstering the view price pressures may ease later in the year. With the Federal Reserve setting a high bar for reconsidering its dovish stance, the data ended up stoking risk appetite across global markets. “The bond market is falling in line with the Fed’s thinking that inflation is transitory and does not warrant tapering of monetary stimulus any time soon,” said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network. The U.S. central bank’s view that inflationary pressures are temporary now dominates global markets, signaling any changes in ultra-accommodative policy would happen very gradually. That approach was also reinforced across the Atlantic Thursday, as the European Central Bank raised its inflation forecast and renewed its pledge to maintain faster emergency bond-buying to sustain the euro area. The 10-year U.S. Treasury yield held near 1.43%, its lowest point since early March. The benchmark rate is heading for a 12 basis-point decline this week. European stocks rallied, with the Stoxx 600 gauge heading for a fourth weekly increase, as investors relished the prospects of continued policy support. Rallies in emerging markets and commodities also underscored the return of risk appetite. Nick Note: soon they will stop fearing the inflation boogieman.