TRESORERIE-US Les rendements à long terme baissent, l’inflation toujours au centre des préoccupations

    * U.S. 10-year yield breaches 1.7% on Thursday, then slips
    * Five-year breakeven inflation rate rises above 3%

    By Herbert Lash
    NEW YORK, Oct 22 (Reuters) - Yields on longer-dated U.S.
Treasuries edged lower on Friday after the benchmark 10-year
note breached 1.7% overnight, while key market gauges of rising
consumer prices kept pressing higher on concerns about
inflation.
    The yield on 10-year Treasury notes was down 0.5
basis points to 1.670% after rising to a five-month high of
1.7064% late Thursday. The five-year, U.S. break-even inflation
rate breached 3% in early trading, then slid. 
    The market in several weeks, if not sooner, will test the
year's high hit March 30 of 1.776% on the 10-year Treasury, said
Tom di Galoma, managing director at Seaport Global Holdings.
    "If we get through that, all bets are off we're not going to
see higher rates," di Galoma said. "Then we'll probably see 2%
pretty quickly."
    Rates are rising worldwide on a global supply crunch of
semiconductor chips for the automotive industry, di Galoma said.
The 10-year UK break-even rate hit a 25-year high of 4.29%
earlier on Friday, he said.
    The yield on the 30-year Treasury bond was down
2.1 basis points to 2.107%. 
    A closely watched part of the U.S. Treasury yield curve
measuring the gap between yields on two- and 10-year Treasury
notes, seen as an indicator of economic
expectations, was at 121.3 basis points. 
    The two-year U.S. Treasury yield, which typically
moves in step with interest rate expectations, was up 1.9 basis
points at 0.455%. 
    The break-even rate on five-year U.S. Treasury
Inflation-Protected Securities (TIPS) was last at
2.943%, after closing at 2.894% on Thursday, a year-high.
    The 10-year TIPS break-even rate was last at
2.663%, indicating the market sees inflation averaging about
2.7% a year for the next decade.
    The U.S. dollar 5 years forward inflation-linked swap
, seen by some as a better gauge of inflation
expectations due to possible distortions caused by the Fed's
quantitative easing, was last at 2.588%.
    
    Oct. 22 Friday 9:28AM New York / 1328 GMT
                               Price        Current   Net
                                            Yield %   Change
                                                      (bps)
 Three-month bills             0.055        0.0558    0.000
 Six-month bills               0.06         0.0609    0.000
 Two-year note                 99-155/256   0.4554    0.019
 Three-year note               99-134/256   0.7875    0.016
 Five-year note                98-86/256    1.2237    0.011
 Seven-year note               98-74/256    1.5109    0.002
 10-year note                  96-56/256    1.6695    -0.005
 20-year bond                  94-156/256   2.0835    -0.016
 30-year bond                  97-164/256   2.1069    -0.021
                                                      
   DOLLAR SWAP SPREADS                                
                               Last (bps)   Net       
                                            Change    
                                            (bps)     
 U.S. 2-year dollar swap        16.50         0.00    
 spread                                               
 U.S. 3-year dollar swap        14.75         0.25    
 spread                                               
 U.S. 5-year dollar swap         7.25         0.25    
 spread                                               
 U.S. 10-year dollar swap        1.00         0.25    
 spread                                               
 U.S. 30-year dollar swap      -22.50         0.25    
 spread (Reporting by Herbert Lash
Editing by Mark Heinrich)
  

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