NEW YORK (CNNMoney.com) -- Investors eased away from safe-haven Treasurys Wednesday, sending prices lower and yields higher after strong manufacturing data out of both the U.S. and China spurred optimism about the global economy.
In late trading, the benchmark 10-year note yielded 2.58%, up from 2.48% late Tuesday. The shorter term 2-year note yielded 0.51%, the 5-year note yielded 1.41%, and the 30-year bond yielded 3.65%.
A report showed U.S. manufacturing grew in August for the 13th consecutive month, at a faster pace than economists had expected. The report further curbed the safe-haven appeal of government debt, lending more impetus to an already downward trend for bond prices Wednesday.
Earlier in the morning, Treasurys had fallen after readings on Chinese manufacturing indicated expansion in the sector in August.
China is the world's third-largest economy and is the largest holder of U.S. Treasurys. Investors look to reports on its economy to gauge the health of the global recovery.
Investors also weighed two separate reports on U.S. jobs that brought mixed news. The private sector slashed more jobs in August, but looking forward, employers are expecting to make the least cuts in a decade, the reports said.
The move out of Treasurys on Wednesday follows a surge in demand the day before, when fund managers sought to rebalance the bonds in their portfolios at the month-end.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.80%||3.88%|
|15 yr fixed||3.20%||3.23%|
|30 yr refi||3.82%||3.93%|
|15 yr refi||3.20%||3.23%|
Today's featured rates:
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More
Honda and General Motors are creating a new generation of fully autonomous vehicles. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More