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U.S. TIPS breakeven rates rise as oil futures rally

Reuters - UK Focus

NEW YORK, Aug 31 (Reuters) - The U.S (Other OTC: UBGXF - news) . bond market's gauge on inflation expectations rose to its highest in about two weeks on Monday as oil futures jumped more than 6 percent on data showing less production and OPEC saying it would talk with other producers about low prices.

A renewed drop in energy prices earlier this month due to worries about weakening global demand had stoked bets on slower domestic price growth and a possible disruption to the economic expansion.

The yield premium on benchmark 10-year Treasuries notes on 10-year Treasury Inflation Protected Securities grew to 1.65 percentage points, the highest in two weeks, before retreating to 1.62 points, up 1 basis point from late on Friday, according to Tradeweb.

The five-year TIPS inflation breakeven rate reached its highest in over two weeks at 1.29 percentage points, up almost 3 basis points from late Friday .

On the New York Mercantile Exchange, U.S. crude futures were last up $2.75 or 6.1 percent at $47.96 a barrel in midday trading. (Reporting by Richard Leong; Editing by Dan Grebler)