Inflation came in cooler than expected on Wednesday. Long-term U.S. bond yields rose anyway.

The 30-year Treasury yield climbed to 5.63%, up 14 basis points this week and the highest level since June 2002. With today’s move, 30-year yields have risen in each of the past seven sessions, the longest streak in two years.

August’s personal consumption expenditures (PCE) price index rose 3.4% from a year earlier, unchanged from a downwardly revised 3.4% in July. Economists had expected 3.7%.

Core PCE inflation, the Federal Reserve’s preferred inflation gauge, came in at 3%, below expectations of 3.3%.

Meanwhile, Washington announced a new round of buybacks. The Treasury will buy up to $6 billion of 10- to 20-year bonds in Thursday’s liquidity-support buyback. That is triple the $2 billion ceiling in place before September.

The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) fell 0.7% to fresh record lows at $77.7.

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