January’s violent moves in equities offer a glimpse of what might still be in store. Uncertainty over how far the Fed is willing to go to tackle the highest U.S. inflation in almost 40 years, starting with a widely anticipated rate hike in March. Two- and five-year Treasurys, with rates reflecting the short-term path of Fed policy, are off to their worst start to a new year in more than three decades. The Fed will be “hard-pressed” to lift the fed-funds rate target to its long-run objective of 2.5%, from a current level between 0% and 0.25%, says Comerica Wealth Management chief investment officer. . . .