U.S. inflation cooled more than expected in January, sending Treasury yields lower

New data shows the annual inflation rate in the United States fell to 2.4% in January, which was a bigger drop than economists had predicted. The decline was partly driven by lower prices for used cars and gasoline.

This news caused Treasury bond yields to fall, as investors saw it as a sign that price pressures might be easing. The S&P 500 stock index ended the day slightly higher, though some technology stocks dipped.