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US inflation data presses on bond yields
U.S. 10-year Treasury bond yields fell to 5.206% following data on the Personal Consumption Expenditures (PCE) index that came in below expectations, alleviating pressure on the Federal Reserve's monetary policy. Additionally, yields on the 2-year notes dropped to 4.869% and the 30-year bonds to 5.562%. Nonetheless, yields are heading toward experiencing a significant monthly increase of about 50 basis points in September, driven by abundant government issuances and energy price pressures. Data showed that the core PCE index rose by 0.2% month-over-month and 3.0% year-over-year, while the overall growth slowed to 2.6% annually. This supports the Fed's stance of pausing before raising interest rates.
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