U.S. inflation data for May showed consumer prices rising 0.5% month on month, matching the 0.50% forecast and easing from the prior 0.60% increase. Core CPI, which strips out more volatile food and energy categories, rose 0.2%, below the 0.30% forecast and down from 0.40% previously. On an annual basis, CPI was 4.2% and annual core CPI was 2.9%, with both readings in line with expectations. After the release, most U.S. Treasury yields fell by less than 1 basis point, with the two-year yield at 4.11% versus about 4.13% earlier. Fort Washington Investment Advisors senior portfolio manager Dan Carter said the data gave the Fed “a little bit of breathing room.”