US 10-Year Treasury Yield Below 4%

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The yield on the US 10-year Treasury note fell below 4% on Friday as traders continue to adjust their rate cut bets while digesting key economic data. The headline inflation rate in the US increased more than expected to 3.4% last month compared to forecasts of 3.2% and the core rate fell slightly less than anticipated to 3.9%. Traders now await the producer prices report for further clues on how the disinflation process is evolving. Meanwhile, probabilities the Fed will cut interest rates in March currently stand around 69.5%.

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