The Labor Department reported Tuesday that the consumer price index, a core measure of inflation, rose 0.6% in March on the previous month. However, consumer prices jumped 2.6% on the same period last year, the highest year-on-year gain since August 2018 and much higher than the 1.7% growth reported in February.
Yields fell following the release of the data, despite market concerns over inflation having driven rates higher over the last few months. Yields were also lower following a strong auction of 30-year bonds, according to a Reuters report.
Hugh Gimber, global market strategist at JPMorgan Asset Management, told CNBC's "Squawk Box Europe" Wednesday that growth and inflation data was now changing from "forecast to a fact."