US inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve (FRED) data, printed a two-day fall with Friday’s reading of 2.44%, per the data source Reuters.

In doing so, the inflation gauge stays depressed around the monthly low, easing pressure off the US Federal Reserve (Fed) officials to alter the monetary policy amid the Omicron woes.

It’s worth noting that the US Consumer Price Index (CPI) flashed a fresh 39-year high but matched market forecasts of 6.8% YoY for November.

An absence of surprise from the US inflation number triggered a relief rally the previous day, helping equities and commodities. However, cautious sentiment underpins the US Treasury yields as the key week comprising major central bank events and important data begins.

That said, the US 10-year Treasury yields rise one basis point (bps) to 1.50%, snapping two-day downside, whereas S&P 500 Futures print mild gains at the latest.

Read: US Treasury yields consolidate recent losses as traders await Fed signals