Treasury yields were broadly lower in Friday morning trading, after March data pointed to a slowing annual rate of inflation in the Federal Reserve’s favorite price gauge. The 1-month T-bill rate was 4.184% as of 9:10 a.m. New York time, down 6.8 basis points from Thursday’s close of 4.252%, according to Tradeweb. Meanwhile, the policy-sensitive 2-year rate fell 4 basis points to 4.048%, based on FactSet data. The moves came as fed funds futures traders slightly boosted the likelihood of a pause by the Fed in June, to 64% versus 62% on Thursday, after policy makers deliver a widely expected quarter-point hike next Wednesday.
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