Treasury Yields Rise Before Key Inflation Data, 10-Year Auction

Treasuries fell, led by the long end, as traders braced for an acceleration in US inflation and an auction of 10-year bonds.

Yields on 30-year debt rose as much as four basis points to 4.96%, while those on two-year notes were little changed at 4.02%, causing the curve to bear steepen. Traders held bets on Federal Reserve interest-rate cuts steady, pricing 42 basis points of reductions by year-end.