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Yield on 10-year US Treasuries exceeds 1.5%

By David Randall

NEW YORK, Jun 25 (.) – The yield on 10-year US Treasuries surpassed 1.5% on Friday, marking its biggest weekly gain since March.

* The increase came after it was known that the Federal Reserve’s preferred measure of core inflation increased 3.4% from the previous year and 0.5% from April.

* The Commerce Department said the unchanged reading on consumer spending, which accounts for more than two-thirds of US economic activity, came after an upwardly revised 0.9% rise in April.

* The pace of inflation is likely not enough to lead the Fed to deviate from its plan to raise interest rates twice in 2023 or to begin reducing its support for the bond market, analysts say.

* The yield curve, a measure of expectations for future economic growth, steepened, with the spread between 5- and 30-year bond yields rising to 123.80 basis points from 118.60 the previous day.

* Treasury yields are likely to trade in a narrow trading range given that “we don’t see an obvious trigger on the horizon that would justify another price revision ahead of next week’s employment report,” said Ian Lyngen , strategist at BMO Capital Markets.

* The return on the 10-year bond rose to 1.5337%, while the yield on the 2-year paper rose to 0.4812%. The return of the 30-year bond operated with increases of 2.1723%.

(Reporting by David Randall; Edited in Spanish by Janisse Huambachano and Javier Leira)

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