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Asia extends global stocks rally, U.S. bond yields fall on easing inflation fears

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U.S. bond yields fell to three month lows and a broad gauge of Asian shares rose on Friday as investors saw enough one-off factors in U.S. consumer price data to back the Federal Reserve's conviction that rising inflation will be transitory.

Some economists say the rise in CPI reflected short-term adjustments related to a reopening economy, and many investors appear to be confident that the Fed is deftly handling a rebound in economic growth - even as questions remain about how it defines "transitory".Data overnight showed U.S. consumer price index posted its biggest year-on-year increase at 5% since August 2008, following a 4.2% rise in April.

At the same time, U.S. Labor Department data also showed the lowest level of new claims for unemployment benefits in nearly 15 months last week.

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