Treasuries Snap Eight-Day Rally as Spain Announces Budget
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Treasuries declined, snapping their longest rally in almost four years, as risk appetite increased with Spain’s cabinet approving a budget it said would ease the nation’s debt crisis.
Bonds pared losses earlier as reports showed U.S. household spending slowed. Yields on U.S. longer-term securities rose as speculation the Chinese government will do more to support its economy damped demand for the safest assets. The U.S. will auction $29 billion of seven-year debt today, the last of three note sales this week totaling $99 billion.