Treasury yields slip after consumer inflation report
Treasury prices headed slightly higher Friday morning, nudging yields lower, as a reading of consumer inflation appeared to support buying of government paper, already drawing bids as the Trump administration imposed higher tariffs on $200 billion in Chinese goods, with Beijing promising retaliation.
On Thursday, the three month T-bill TMUBMUSD03M, -0.12% yield briefly traded above the 10-year Treasury note, raising fresh recessionary fears anew, because yields on short-term debt rising above their longer-term counterparts — referred to as a yield-curve inversion — has been an accurate predictor of economic recessions. The yield curve last inverted on March 22.
The consumer-price index rose 0.3% in April, the government said Friday. Economists polled by MarketWatch had forecast a 0.4% advance. What did market participants say? “In my view, with inflation expectations are low and as a result, I believe the [Federal Reserve] stays on hold for the foreseeable future,” wrote Tom di Galoma, managing director of Treasurys trading at Seaport Global Securities, in a research note after data.
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