Treasuries Drop as European Leaders Work to Resolve Debt Crisis
This article is for subscribers only.
Treasury 10-year notes fell for a third day, the longest streak in five weeks, as stocks gained globally on optimism European leaders are intensifying efforts to contain the region’s debt crisis.
The cost of insuring bonds in the Asia-Pacific region against default fell as European Union leaders prepared to meet today. Investor Jim Rogers said it is “absurd” to rank the U.S. among top-rated borrowers, after Fitch Ratings yesterday gave the nation’s debt a negative outlook while affirming its AAA grade. U.S. home prices probably fell at a slower pace and consumer confidence rose, economists said before reports today.