At 1:18 p.m. (1718 GMT), the yield spread between 10-year Treasury Inflation Protected Securities, or TIPS, and 10-year Treasury notes was 1.750pc, down 1.50 basis points from Wednesday.

On Tuesday, the 10-year TIPS breakeven rate touched 1.797pc which was its highest since May 22, according to Tradeweb and Refinitiv data.