Benchmark 10-year Treasury yields rose to the highest level in almost 12 weeks before a government report today forecast to show U.S. inflation is in check.
Yields climbed to 1.78 percent, surpassing increases in the consumer price index. CPI gains slowed to 1.6 percent in July compared with a year earlier, from 1.7 percent in June, according to a Bloomberg News survey of economists before the Labor Department report at 8:30 a.m. in Washington. Prices rose 0.2 percent in July from June, the survey shows, the first advance since March.
“Yields are going to rise,” said Hideo Shimomura, who helps oversee the equivalent of $76.1 billion in Tokyo as chief fund investor at Mitsubishi UFJ Asset Management Co., part of Japan’s largest publicly traded bank. “There’s not a recession. Inflation’s not a problem, but inflation expectations are heading north.”
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