Treasuries Pare Gains as House Votes to Suspend Ceiling

Treasuries rose as the House of Representatives voted to temporarily suspend the nation’s borrowing limit, leaving for a later date decisions on automatic spending cuts and government funding.

Benchmark 10-year note yields briefly pared losses as the measure, which lifts the government’s $16.4 trillion borrowing limit until May 19, passed 285-144. It goes to the Senate, where Majority Leader Harry Reid said lawmakers will pass the measure unchanged and send it to President Barack Obama. Treasuries rose earlier as the International Monetary Fund cut its 2013 global growth forecasts.