Treasuries Tumble on Retail Sales; 10-Year Yield Rises to 3.10%
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Treasuries fell, pushing up 10-year note yields to 3.10 percent for the first time this month, as retail sales dropped in May less than analysts forecast and producer prices rose more than projected.
The benchmark security tumbled the most since January on eased concern the economy is slowing as well as speculation this quarter’s rally in bonds may be hard to sustain. Bonds remained lower after Federal Reserve Chairman Ben S. Bernanke said the U.S. debt ceiling shouldn’t be used as a bargaining chip to force budget cuts. Global stocks gained.