Treasuries Gain as Europe Debt Concern Spurs Demand for Safety
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Treasuries rose, pushing benchmark yields to within 10 basis points of the lowest this year, as Europe’s spreading debt crisis fueled demand for the relative safety of U.S. government debt.
The extra yield investors demand to buy 30-year Treasuries instead of five-year notes was 2.86 percentage points, after expanding to 2.87 percentage points yesterday, the widest since Nov. 15. Investors are more reluctant to load up on 30-year bonds as U.S. officials struggle to reach agreement on how to avoid a default.