Treasury Bonds End Slump as Factory Data Boost Demand
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Treasury 30-year bonds snapped a four-day decline as a New York area factory gauge fell more than forecast, underscoring the Federal Reserve’s concern that more stimulus is needed to keep the economic recovery from slowing.
Benchmark 10-year notes halted last week’s drop as European governments remained divided on how to overcome the region’s debt crisis. Relative yields on mortgage securities slid to the lowest level on record after the Fed said Sept. 13 it would expand its holdings with monthly purchases of $40 billion of the debt in a third round of quantitative easing until the jobs market shows “sustained improvement.” Stocks fell.