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U.S. Government Bond Prices Fall as Stocks Rally

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10/30/2018 | 03:57pm EST

By Akane Otani

U.S. government bonds weakened Tuesday as a rebound in risky assets helped investors look past disappointing housing data.

The yield on the benchmark 10-year U.S. Treasury settled at 3.111%, according to Tradeweb, compared with 3.083% Monday.

Bond yields, which rise as prices fall, fell to session lows after S&P Dow Jones Indices data showed average home prices in major metropolitan areas around the U.S. rose 5.8% in the year through August, marking the first reading below 6% in a year.

The report was the latest to suggest that the housing market is starting to slow down, hurt by rising mortgage rates that have crimped affordability for many buyers. Some uneven data, plus heightened volatility across financial markets, have recently diminished traders' confidence in the Federal Reserve being able to raise rates multiple times over the next year.

Federal-funds futures, used to place bets on the course of interest rates, late Tuesday showed a 28.7% chance of the Fed pushing through three interest-rate increases by June 2019 -- down from 34% one week ago, according to CME Group.

Bond yields later pared some of their declines as stocks opened higher on the day, reversing a sharp slide from Monday that had taken the S&P 500 to the verge of correction territory -- a 10% decline from a recent high. Strong stock gains can send bond yields higher since investors tend to be drawn to Treasurys when their appetite for risk is lower.

Much of the recent action in the bond market has followed fluctuations in stocks, said Ian Lyngen, head of U.S. government debt strategy at BMO Capital Markets.

"We've heard the expression 'we're all stock traders now' several times this morning," Mr. Lyngen said in a note.

Treasurys may continue drifting along until investors get their next look at data including the Labor Department's monthly jobs report Friday, which will show investors whether wage growth is picking up, he added.

Write to Akane Otani at akane.otani@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.76% 24238.99 Delayed Quote.3.16%
NASDAQ 100 0.09% 6673.5376 Delayed Quote.5.37%
NASDAQ COMP. 0.25% 7038.9183 Delayed Quote.5.86%
S&P 500 0.39% 2619.23 Delayed Quote.3.02%
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