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US: Treasuries Rally After Core Inflation Rises Less Than Expected
U.S. Treasury yields extended their retreat from multiyear highs after a cooler-than-expected March inflation gauge prompted traders to pare bets on aggressive rate increases by the Federal Reserve. Yields for two- to five-year notes led the retreat, declining more than 10 basis points aided by futures block trades. The 10-year note’s yield slid as much as 8.5 basis points to 2.695% after exceeding 2.80% earlier in the session for the first time since December 2018. The dollar fell. “We were set up for a bit of a bounce, in Treasuries as well as in stocks,” said Peter Tchir, head of macro strategy at Academy ... (full story)