Treasuries Rise 1st Time in 3 Days as Stocks, Commodities Drop
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Treasuries rose for the first time in three days as investors sought safety amid declining stocks and commodities after Japan’s nuclear crisis worsened, boosting demand at a U.S. auction of $32 billion of three-year notes.
The notes drew a yield of 1.280 percent, compared with the average forecast of 1.293 percent in a Bloomberg News survey of 9 of the Federal Reserve’s 20 primary dealers. Inflation expectations slipped from a three-year high, while Fed Bank of New York President William C. Dudley said the U.S. economy isn’t strong enough for stimulus to be removed.