A brightening economic outlook is weighing heavily on US government bonds, and the prospect of looser fiscal policy under Donald Trump is not the only factor behind the optimism.

Bond markets were hit by a fresh wave of selling on November 23 after the Commerce Department said orders for durable goods rose 4.8% in October from a month earlier, the fastest pace in a year and well above the 2.7% gain predicted by economists surveyed by The Wall Street Journal.