By Daniel Kruger 

U.S. government bond prices declined Monday as turbulence that racked the U.S. stock market last week receded.

The yield on the benchmark 10-year Treasury note rose to 3.151%, according to Tradeweb, from 3.140% Friday. Bond yields rise when prices decline.

Yields climbed as U.S. stocks calmed after notching their sharpest weekly declines in months Friday. The fall in stocks was precipitated in part by a sharp climb in government bond yields, which reached multiyear highs earlier this month.

The rise in yields in recent weeks has been fueled by improving expectations for U.S. growth, along with easing of geopolitical tensions surrounding trade with Canada and Mexico. Concerns have also eased about potential contamination from turmoil in emerging markets, such as Argentina and Turkey.

The U.S. economy grew at a 4.2% annualized pace in the second quarter, and the Federal Reserve Bank of Atlanta's GDPNow forecast for the third quarter suggests the economy expanded at a 4% rate in the third quarter.

"Fundamentally the fear of recession has died," said Michael Cloherty, head of interest-rate strategy at RBC Capital Markets.

Write to Daniel Kruger at Daniel.Kruger@wsj.com

(END) Dow Jones Newswires

October 15, 2018 13:05 ET (17:05 GMT)

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