Exchange traded funds that invest in U.S. Treasury bonds were under pressure Wednesday as yields rose after a surprisingly upbeat report on July durable goods orders.

The iShares Barclays 20+ Treasury Bond (NYSEArca: TLT) was down 2% after the Commerce Department said durable goods orders rose 4% in July, more than expected.

“We’re looking for more confirmation of weakness in the economy; when we don’t get it the Treasury bulls start scrambling,” said David Coard, head of fixed income sales and trading at Williams Capital, in a Reuters report.

“I started noticing Treasuries fade after the stronger-than-expected durable goods number,” Coard said. “That’s a number that doesn’t quite fit the script of those who are economic bears.”

Treasury ETFs declined after the U.S. sold five-year notes at a record low auction yield.

The bond ETFs are pulling back after spiking this month in the stock sell-off. [Risk Off: Gold, Silver and Treasury ETFs Outperform]

iShares Barclays 20+ Treasury Bond

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