Treasuries Slide as Investors Shun 10-Year Sale at Lower Yields
- Yields climb globally as recent bond rally continues to unwind
- Backdrop remains uncertain with economic outlook in doubt
German bonds led losses, with yields rising at least five basis points across the curve and erasing a drop since Friday.
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US Treasuries are sliding as the turmoil that gripped global markets earlier this week subsides, with investors spurning a sale of 10-year notes offered at lower yields.
The selloff pushed yields on 10-year Treasuries higher by six basis points on Wednesday to 3.95% as traders unwound wagers on deep interest-rate cuts this year. Investors shunned a $42 billion auction of benchmark 10-year securities, which drew a yield that was well above the pre-sale indicative level.