US government bonds rallied while bank shares weighed on major stock markets on Tuesday, as moderating US inflation warmed investors to the view that the Federal Reserve would have more time to remove crisis-era stimulus.
Data released on Tuesday showed headline US consumer prices rose 5.3 per cent in the year to August, a slight moderation from the 5.4 per cent rate of inflation recorded in July.
The yield on the benchmark 10-year Treasury note, which moves inversely to price, was down 0.05 percentage points to 1.28 per cent, having earlier hit its lowest level in more than a week. The yield on the two-year Treasury note, which is highly sensitive to future interest rate expectations, also declined, falling 0.01 points to 0.21 per cent.
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