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U.S. Treasury yields fell, with the 10-year yield dropping over 13 basis points to 5.056%, as hotter-than-expected inflation data triggered a sell-off in tech stocks.
U.S. government bond yields fell on Thursday as investors sold off tech stocks and flocked to bonds for safety following the latest inflation data. The benchmark 10-year Treasury yield dropped over 13 basis points to 5.056%, the 30-year Treasury yield fell to 5.385%, and the 2-year Treasury yield declined over 5 basis points to 4.745%. This came after data from the U.S. Bureau of Labor Statistics showed that wholesale prices rose 6.3% year-over-year in September, the largest increase since 2022 and above the 5.5% expected by economists surveyed by Dow Jones. Meanwhile, the latest Consumer Price Index (CPI) also came in above expectations, rising 0.6% month-over-month and 3.7% year-over-year, higher than market expectations of 0.6% and 3.6% respectively.
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