Treasuries Fall After Manufacturing Surge Hits Rate-Cut Bets

Treasuries fell after US manufacturing activity unexpectedly jumped, prompting traders to pare bets on Federal Reserve interest-rate cuts this year.

Yields climbed as much as five basis points, led by short-maturity tenors that are most sensitive to Fed rate changes. The benchmark 10-year note’s rate rose to 4.28%, the highest in more than a week.