Expectations for a strong recovery in the US economy after the pandemic continued to be priced in the bond market, while inflation expectations rose to the highest level in 10 years.

While the yield of 10-year US Treasury paper rose to 1.495 percent, the inflation expectation for the next 5 years went to 2.5 percent for the first time since 2008.

In addition to oil prices, news that Biden will provide enough doses for every American adult to be vaccinated by the end of May, and that the new coronavirus aid package will moderate certain incentive requests for broad support in Congress, as well as oil prices.