Group 1 - US Treasury yields are rising, with the 30-year yield up 4 basis points to 4.96% and the 2-year yield steady at 4.02%, leading to a steeper yield curve [1] - The market is anticipating the US May CPI data, expected to show a year-on-year increase of 2.5%, up from a previous 4.3%, and a month-on-month increase of 0.2%, unchanged from the previous value [3] - Concerns about the impact of tariffs on consumer prices are prevalent, with inflation data potentially influencing the Federal Reserve's next steps [3] Group 2 - A $39 billion auction of 10-year Treasury bonds is scheduled, which will test investor demand amid growing concerns about the US government's fiscal situation [3] - Traders are maintaining bets on a 42 basis point rate cut by the end of the year, with policymakers adopting a "wait-and-see" approach regarding the impact of trade policies [3] - Investment managers are cautious, with some allocating around 10% of their portfolios to US Treasury Inflation-Protected Securities (TIPS) to hedge against unexpected inflation [4]