Exchange traded funds (ETFs) that invest in U.S. Treasury bonds rallied Friday after the government reported consumer-price data that showed inflation didn’t rise as much as some analysts had expected in March.

The iShares Barclays 20+ Year Treasury Bond Fund  (NYSEArca: TLT) was up nearly 1% in midday trading and the ETF has risen back above its 50-day moving average.

“The Fed has more breathing room,” Suvrat Prakash, an interest-rate strategist, told Dow Jones Newswires.

“The [inflation]report was a bit of relief for those who have been nervous about inflation,” said Prakash, adding that one month’s data isn’t a trend and that core CPI has been rising in recent months, according to the report.

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