The "long-awaited" US CPI data brings a knee-jerk reaction to US Treasuries

On Friday (October 24), at the New York close, the yield on the U.S. 10-year Treasury bond fell by 0.21 basis points to 3.9988%. When the U.S. CPI inflation data was released at 20:30 Beijing time, it "gapped down" and then rebounded, with a cumulative decline of 1.19 basis points this week, showing a V-shaped trend, having previously dropped to 3.9359% on October 22. The yield on the 30-year U.S. Treasury bond fell by a cumulative 2 basis points.

The yield on the 2-year U.S. Treasury bond fell by 0.65 basis points to 3.4821%, plunging from around 3.5% to nearly 3.43% when the CPI data was released, with a cumulative increase of 2.47 basis points this week.

The yield spread between the 2-year and 10-year U.S. Treasury bonds increased by 0.667 basis points to +51.270 basis points, with a cumulative decline of 3.646 basis points this week.

The yield on the 10-year Treasury Inflation-Protected Securities (TIPS) rose by 0.42 basis points to 1.6998%, with a cumulative decline of 3.24 basis points this week; the yield on the 2-year TIPS fell by 21.64 basis points to 0.7749%, having previously dropped to 0.7035% after the CPI data was released, with a cumulative decline of 21.54 basis points this week, generally stabilizing above 0.95% from October 20 to 23; the yield on the 30-year TIPS fell by a cumulative 4.02 basis points