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US Inflation Data Send Treasuries Higher A weak inflation report encouraged buying of US government bonds on Monday, sending yields lower. A key indicator of inflation, the core personal consumption expenditure deflator, was flat during July,and up only 1.5 per cent year-on-year. "This is right in line with the Fed's preferred target for this measure and supports the idea that inflation paused with the economy in recent months," said Drew Matus, financial markets economist at Lehman Brothers. At the close of trading, the yield on the 10-year Treasury note was down 4.6 basis points to 4.184 per cent while the two-year note yield was down 3.6bp to 2.464 per cent. Eurozone government bond prices were depressed by a weak euro, which hovered around three-week lows against the dollar, but trading volumes were low as London's financial markets were closed for the August bank holiday. An auction of _8.5bnof bonds from Italy went reasonably well, according to analysts. Falling prices left the yield on the two-year Schatz 0.3 basis points higher at 2.447 per cent and the10-year Bund yield up 0.2bp at 4.066 per cent. Japanese government bond prices slipped as the market shrugged off signs of a slowdown in the country's economic recovery. The price of the benchmark 10-year JGB fell 0.088 to 102.802, pushing the yield up 1bp to 1.57 per cent. The price falls followed gains on Friday and came despite economic figures released last week showing rising unemployment, falling household spending and persistent deflation. Other signs that Japan's recovery might be stuttering notably poor gross domestic product data have pushed yields down in recent weeks. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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