10-year Treasury yield pulls back to 2.84% as investors rotate into bonds for safety

U.S. Treasury yields fell on Thursday morning, as investors digested hotter-than-expected inflation data, released in the previous session. The yield on the benchmark 10-year Treasury note dropped 7 basis points to 2.8407% at 4:25 a.m. ET. The yield on the 30-year Treasury bond moved 4 basis points lower to 2.9942%. April’s consumer price index, released Wednesday, rose 8.3% year-on-year. That was higher than the anticipated 8.1% growth in inflation, but was below March’s 8.5% CPI reading. … The latest inflation reading supports the Federal Reserve’s plans to more aggressively hike interest rates to combat persistent pricing pressures, fueling recession fears.
Source: CNBC – Bonds