Tickmill analyst Joseph Dahrieh said in a note that U.S. CPI inflation data could move U.S. Treasury yields in either direction. A higher-than-expected CPI could boost yields and ease recent expectations of the Fed's rate cut. On the contrary, weaker inflation data will lead to a decline in yields. He also said that progress has been made in the near future possible ceasefire between Ukraine and Russia, which will help increase risk appetite. The current agency survey of analysts shows that overall and core inflation in the U.S. is expected to drop slightly in February.