Another factor lifting interest rates is concern about the approach of new inflation data.

Those who analyzed the inflation data might well have seen what was coming - 11 days ahead of the central banks' move.

He said the rise in the four-week average was "consistent with the inflation data."

"Bulls may have to wait a while for the softer economic and/or inflation data they need so badly," he said.

Yet in the last two weeks, many investors seemed to shrug off the inflation data.

The most recent inflation data has been surprisingly mild as well.

One reason for the lower yield was the rally in the morning after the release of the inflation data.

The inflation data the market relies on are often open to question.

The other positive in the report on gross domestic product was the inflation data.

Besides the inflation data, the Government reported today that housing starts fell 8 percent last month.