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US stock and bond prices fell on Thursday after disappointing inflation data and a weak government debt auction.
The yield on the 10-year Treasury, which rises when prices fall, jumped 0.1 percentage points to 4.70 per cent.
The sell-off began after the Bureau of Labor Statistics reported that inflation was higher than expected in September, and extended after the Treasury Department announced weak demand for its latest auction of long-term bonds.
Stocks were resilient after the initial inflation report, but were dragged lower in the afternoon as the sell-off in bonds gathered pace. The S&P 500 and Nasdaq Composite each closed down 0.6 per cent for the day.
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