U.S. Treasury Yields Drop on Softer CPI Data; 2-Year Falls 9.86bp on July 14

On July 14, U.S. Treasury yields fell sharply as softer-than-expected inflation data pressured Federal Reserve rate hike expectations. The 2-year yield dropped 9.86 basis points to 4.1829%, while the 10-year benchmark yield fell 5.03 basis points to 4.5734%. Both securities sold off immediately following the CPI release and extended declines during Fed Chair Powell's testimony.
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