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NEW YORK, June 29 (Reuters) - The U.S. bond market's gauges on inflation expectations reached two-week peaks on Thursday in line with oil prices which also hit two-week highs on data that showed U.S. crude output posting its steepest weekly drop since July 2016.
At 9:15 a.m. (1315 GMT), the 10-year inflation breakeven rate, or the yield difference between 10-year Treasury Inflation Protected Securities and regular 10-year Treasury notes, was 1.77 percent, up 2 basis points from late on Wednesday. Earlier Thursday, it hit 1.78 percent, which was the highest since June 13, according to Tradeweb and Reuters data. (Reporting by Richard Leong; Editing by Chizu Nomiyama)