WASHINGTON -- A surprisingly strong report on manufacturing in October, showing a sharp gain in input prices, depressed Treasury security prices across the board yesterday.

The benchmark 30-year bond drifted lower in early trading, then began a steady, day-long decline after the National Association of Purchasing Management said its purchasing managers' index surged 1.5 points to 59.7% -- far exceeding analysts' expectations.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.