Exchange traded funds that follow U.S. Treasury bonds continued their steep slide Wednesday on talk European leaders will get a handle on the debt crisis.
U.S. 30-year Treasury bonds were down for a six consecutive day, their longest losing streak since 2007, Bloomberg reported Wednesday.
Yields on 30-year bonds were trading above 3.2% on Wednesday after plunging to about 2.7% earlier this month on Eurozone debt jitters. Bond prices and yields move in opposite directions.
Treasuries prices declined Wednesday after the Treasury Department auctioned $21 billion of 10-year notes.
“Yields are rising ahead of new supply and as more positive sentiment about Europe and global growth enter the market,” said Sean Murphy, a trader at Societe Generale, in the Bloomberg report.
The iShares Barclays 20+ Year Treasury Bond (NYSEArca: TLT) was down more than 2% on Wednesday.