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Overview: Higher than expected US CPI and the second tepid reception to a US bond auction this week pushed US yields higher and helped stall the equity momentum. Asia Pacific yields, especially in Australia and New Zealand, jumped 8-10 bp in response, and Spanish and Portuguese bonds bore the burden in Europe. Barring a sharp decline today, the US 10-year yield is higher for the second consecutive week, something not seen in three months. Equities are mostly firmer, but small gains were not enough to prevent the MSCI Asia Pacific Index from snapping a five-week