The two-year government bond fluctuated by only 3 basis points, compared to the double-digit swings often seen on employment days. The market is this time as calm as if they were drinking tea—Afonso Borges's observation is quite interesting; the inflation narrative is quietly shifting its anchor.

CoinWorld News, analyst Afonso Borges of Baosheng Group pointed out in a report that the mild rebound led by short-term government bonds after the release of the U.S. May CPI report on Wednesday is "reasonable," because better-than-expected inflation data should reduce the risk of the Federal Reserve raising interest rates later this year. The fixed income analyst stated: "Compared to the sharp fluctuations triggered by last Friday's stronger-than-expected employment report, this market reaction is noticeably more moderate." He noted that on the days when the past 12 inflation reports were released, the average fluctuation in the two-year Treasury yield was only 3 basis points. This level of volatility is "very mild, less than half of the average fluctuation on the day of the employment report release."