Treasuries Fall

Prices moved lower on concerns the yuan revaluation will hurt Chinese demand for bonds and speculation of more rate hikes to come in the U.S.

S&P MARKETSCOPE: Long-dated Treasuries fell on the back of concerns the yuan revaluation will hurt Chinese demand for bonds and speculation of more rate hikes to come in the U.S.

The 10-year note fell 06/32 to 99-03/32 for a yield of 4.24%. The 30-year bond slid 12/32 to 113-28/32 for a yield of 4.46%.

There was little immediate reaction to record-high existing home sales of 7.33 million units in June, though this supported the case for more rate increases. Fed watcher John Berry highlighted the Fed's concerns about inflation in a Bloomberg report. The recent upswing in base metals prices added to fears that inflationary pressures are building.

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