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U.S. Government Bonds Weaken on Recovery in Manufacturing Data

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04/15/2019 | 10:09am EDT

By Akane Otani

U.S. government bonds began the week with declines as data pointed to a rebound in manufacturing activity at the start of the month.

The yield on the benchmark 10-year Treasury note was recently at 2.562%, according to Tradeweb, compared with 2.560% Friday.

Yields, which rise as bond prices fall, ticked higher after the Federal Reserve Bank of New York's monthly survey of manufacturers showed a gauge of general business conditions picked up more than expected in April. That marked a rebound after the index fell to a nearly two-year low in March.

Upbeat economic data tends to chip away at demand for Treasurys, whose fixed payouts look most attractive when the growth outlook looks uncertain. Bond selling has sent the yield on the 10-year Treasury note to its highest level in roughly a month, a reversal after worries about uneven data at the start of the year sent Treasury yields slumping.

Later this week, bond traders will get more insight on the economy with reports on industrial production, retail sales and housing starts scheduled for release. Corporate earnings season will also get under way, which some analysts believe could spur some volatility after a relatively quiet stretch for financial markets.

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

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