Treasuries Gain on Concern Greece Will Struggle to Avoid Default
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Treasuries rose, pushing yields on 10-year notes to this year’s low, on speculation Greece will struggle to avoid default even as the International Monetary Fund reiterated its support.
Five-year notes advanced as Greece’s Prime Minister George Papandreou pleaded with his allies in parliament to back his austerity plans after yesterday’s debt rally pushed yields down the most in a year. Bonds got a boost as a report showed manufacturing in the Philadelphia region unexpectedly shrank.