U.S. Treasury yields moved higher during Wednesday’s Asian trading session, though they remained below Tuesday’s intraday highs. The move came after yields pulled back late Tuesday when U.S. June CPI came in below market expectations. Jamie Cox, managing partner at Harris Financial Group, said the report did not point to runaway inflation. In his view, the recent pickup in inflation was clearly tied mainly to higher energy prices, and that effect is unlikely to last very long. At the same time, the renewed rise in tensions between the United States and Iran continues to add uncertainty that markets need to watch closely. The combination of softer inflation data and geopolitical risk remained at the center of market attention in the latest trading session.
U.S. Treasury yields rose during Wednesday’s Asian trading session, although they were still below Tuesday’s intraday highs.
Earlier, U.S. June CPI came in below market expectations, pushing Treasury yields lower late Tuesday.
In a report, Jamie Cox, managing partner at Harris Financial Group, said: "If you were expecting this report to show inflation running out of control, that was not the case. Clearly, the recent rise in inflation has been driven mainly by higher energy prices, and that effect will not last very long."
At the same time, uncertainty from renewed tensions between the United States and Iran remains an important factor for markets to monitor.
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