Treasuries Trade in Tightest Range in 2 Weeks as Fed Buys

Treasuries traded in the tightest range in two weeks as Federal Reserve efforts to depress long-term interest rates limited a rise in yields even after a report showed September retail sales beat forecasts.

Yields on the benchmark 10-year note, which increased for the first time in five days, pared advances after the Fed bought $5 billion of Treasuries maturing from October 2018 and August 2020 in an effort to reduce borrowing costs and counter recession risks. U.S. government debt rose earlier after Bank of Israel Governor Stanley Fischer said the world is “awfully close” to recession, as he backed the Fed’s increase in bond purchases.