Tickmill analyst Joseph Dahrieh said in a note that US CPI inflation data could move Treasury yields in either direction. Higher-than-expected CPI could boost yields and temper expectations of a recent Fed rate cut. On the contrary, weaker inflation data will lead to lower yields. He also said progress on a possible ceasefire between Ukraine and Russia in the near future would help boost risk appetite. US headline and core inflation are now expected to fall slightly in February, according to a survey of analysts.