Shorter-term Treasury debt extended a recent rally after new data showed that inflation cooled last month, sparking more bets that Federal Reserve interest-rate increases are coming to an end.
Yields, which fall when bond prices rise, dropped sharply after Labor Department figures showed the consumer-price index rose less than economists had expected in March. They rebounded somewhat as the morning progressed, but Wednesday’s trading still extended a rally that has taken yields lower since mid-March.
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