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US inflation data caps bond yields
U.S. Treasury bond yields declined due to inflation data that came in below expectations, easing pressure on the Federal Reserve's monetary policy. The 10-year bond yield fell to 5.206%, while the Core Consumer Spending Index rose by 0.2% month-over-month and 3.0% year-over-year, with the overall index slowing to 2.6% annually. Despite the temporary decline, yields are heading toward a significant monthly increase, supported by abundant government issuances and energy price pressures.
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