June 24 (Bloomberg) -- Treasuries fell, eroding a weekly advance, before a government report that economists said will show durable-goods orders rebounded last month.
Notes snapped a two-day gain on speculation today’s data will ease concern that manufacturing is slowing along with the housing and job markets. Orders for goods meant to last at least three years increased 1.5 percent in May, following a 3.6 percent decline in April, according to the median forecast in a Bloomberg News survey before the Commerce Department report.
“Rates should be moving up as the economy snaps out of its funk,” said Marc Fovinci, head of fixed income in Portland, Oregon, at Ferguson Wellman Capital Management Inc., which has $2.9 billion in assets. “The soft patch in the economy is temporary.”
Ten-year yields rose three basis points to 2.94 percent as of 9:34 a.m. in Tokyo, according to Bloomberg Bond Trader prices. The 3.125 percent note maturing in May 2021 fell 7/32, or $2.19 per $1,000 face amount, to 101 19/32. Ten-year rates are down one basis point, or 0.01 percentage point, for the week.
Japanese 10-year bond yields slid half a basis point to 1.10 percent after dropping to 1.095 percent, the lowest level since November.
--Editors: Nicholas Reynolds, Jonathan Annells
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