Treasury yields were falling after a core reading on U.S. inflation was slightly cooler than Wall Street anticipated. The yield on the 10-year Treasury note was down about 9 basis points at around 4.70% on Wednesday morning,

Treasury yields fell as December headline 12-month CPI rose from November but met economists’ forecasts.

Treasury yield was slightly lower Wednesday morning ahead of the release of key consumer inflation data. The 10-year yield was around 2 basis points lower at 4.771%, further pulling back from the 14-month high reached on Monday.

Bond markets consolidated after a dramatic session midweek. See tickers below. Fears that Wednesday’s consumer price index report for December would show rising inflationary pressures and push benchmark interest rates to the 5% level proved wide of the mark.