Treasury Bond Prices Sank

As investors continued bracing themselves for future lending rate hikes, the 10-year's yield closed at its highest level since March 30.

MARKETSCOPE : Treasury bond prices sank on Tuesday, as investors continued bracing themselves for future lending rate hikes.

The 10-year note tumbled 19/32 to 97-28/32 for a yield of 4.52%, marking the highest close for the yield since March 30. The 30-year bond plunged 33/32 to 109-17/32 for a yield of 4.73%.

News hit that U.S. September Existing Home Sales were unchanged from August at around 7.28 million annual rate, beating market expectations. The conference Board's October Consumer Confidence index fell to a two-year low at the 85.0 level from 87.5 in September, amid concerns over higher gasoline prices and hurricanes.

In other news Tuesday, investors bid at an auction for five-year Treasury Inflation-Protected Securities.

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