10-Year Treasury Yield Around 4% Before CPI

The yield on the US 10-year Treasury note was around 4% on Thursday as traders brace for the key CPI report for further updates on the Fed’s plans. The headline inflation rate is seen edging up to 3.2% from 3.1% but the core rate is expected to fall to 3.8%, the lowest since May 2021, from 4%. The odds for a rate cut as soon as March stand at 69%, compared to a nearly 90% chance a week ago. Meanwhile, comments made this week by the Federal Reserve Bank of New York President John Williams and the Federal Reserve Bank of Atlanta President Raphael Bostic suggest the Fed needs more evidence inflation is moving toward 2% before cutting rates.

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