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The 10-year US Treasury bond yield lost nearly 2% on Tuesday and snapped its five-day winning streak. Ahead of the 30-year bond auction at 1800 GMT, the 10-year T-bond yield continues to push lower and was last seen losing 2% at 1.10%.

Earlier in the day, the data published by the US Bureau of Labor Statistics showed that the Consumer Price Index in December rose to 1.4% on a yearly basis from 1.2% and came in higher than analysts’ estimate of 1.3%. Although this reading was largely ignored by market participants, T-bond yields are likely to continue to edge higher with dovish Fed policy and fiscal stimulus ramping up inflation.

While speaking at the Reuters Next conference on Wednesday, “no matter what theory of inflation you subscribe to, they all are pointing in the direction, toward an increase,” said St. Louis Federal Reserve President James Bullard.