Bonds & Stocks
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.
Economy
Underlying US inflation rose in May by less than forecast for the fourth month in a row, suggesting companies are largely holding back on passing higher tariff costs through to consumers. The consumer price index, excluding the often volatile food and energy categories, increased 0.1% from April. From a year ago, it rose 2.8%.
World
President Trump said a trade framework with China has been completed, with Beijing supplying rare earths and magnets "up front" and the US allowing Chinese students into its colleges and universities. The US and China will maintain tariffs at their current, lower levels following negotiations.