Treasury Notes Decline After Obama Agrees to Extend Tax Cuts for Two Years

Treasuries fell, following the biggest gain in almost three weeks, after President Barack Obama said he will agree to a two-year extension for tax cuts.

The yield on the benchmark 10-year note climbed two basis points to 2.94 percent as of 8:44 a.m. in Tokyo, according to data compiled by Bloomberg. The price of the 2.625 percent security due November 2020 dropped 5/32, or $1.56 per $1,000 face amount, to 97 9/32.

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