So-called break-even inflation rates, which reflect the bond market’s expectations of how fast prices will rise, are at 2.7118% and 2.483%, respectively, for the next two and five years. Those values compare with peaks of 2.7669% and 2.5441% on Thursday. Both were multimonths high.

The Japan-U.S. trade deal provides only a brief relief, as tariffs remain at higher levels than before, threatening to hinder Japan's

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.