MW: Treasurys lose steam as pending home sales rise
By Nick Godt
NEW YORK (MarketWatch) -- Treasury bonds lost earlier gains on Wednesday, sending yields higher, after news that an index of sales contracts on previously owned U.S. homes rose 7.4% in August from the prior month. The benchmark 10-year Treasury bond turned negative, with its yield ising 1 basis point to 3.516%. The 2-year bond still gained ground, with its yield falling 8 basis points to 1.384%, after the Federal Reserve, along with global central banks staged coordinated rate cuts early Wednesday.
