U.S. Treasuries gained for a second straight week, pushing the benchmark 10-year note’s yield to a three-week low before the release next week of the first major economic reports for June.

The rally was fueled by a decline in the Federal Reserve’s preferred measure of inflation to a three-year low and flight from riskier assets such as corporate and emerging market bonds. Ten-year yields declined more than shorter-maturity yields as the Fed kept the key short-term rate unchanged at 5.25 percent and said it remained vigilant against inflation. (Bloomberg)