TREASURIES- Inflation fears, poor bond auction push yields higher - NewsBreak

(Recasts, updates yields, adds bond auction results) By Ross Kerber and Karen Pierog Nov 10 (Reuters) - U.S. Treasury debt yields shot higher on Wednesday as the market was battered by the biggest annual gain in U.S. consumer prices in 31 years and a weak 30-year bond auction. But "real" yields on Treasury Inflation-Protected Securities (TIPS) fell to record lows after the latest consumer price data reinforced inflation concerns and flattened a closely watched part of the yield curve. The yield on 10-year TIPS dipped as low as -1.243% and the yield on 30-year TIPS went as low as -0.608%, both records, in morning trading then drifted higher later in the session. Inflation expectations soared, with the five-year breakeven inflation rate reaching a record-high 3.113% and the 10-year breakeven rate rising to 2.72%, the highest since May 2006. The moves came after higher-than-expected consumer price inflation, which could lead the Federal reserve to tighten monetary policy. A report from th