Yields resumed their recent upward trend yesterday after seemingly minor economic data had a major negative impact, eradicating gains posted Monday.

Bonds opened lower after rising 1/4 to 3/8 point Monday on sharply lower prices for oil and other commodities. Just after the New York opening, the 30-year Treasury bond was quoted down 16/32 to yield 6.265%, while the December municipal contract fell 9/32 to 101.30, even though oil prices remained weak. Soon afterward, the government market dove after bigger than expected jumps in consumer confidence and the Chicago National Association of Purchasing Managers report.

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.