Treasuries Gain on Italy’s Election Before Note Sale
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Treasuries rose, pushing yields below 2 percent for a third day, as polls indicated the euro area’s third-largest economy, Italy, may be left with a hung parliament, stoking refuge demand.
U.S. debt fell earlier today before the U.S. sells $99 billion of notes this week starting with $35 billion of two-year securities today. Preliminary results from Italian elections show former Prime Minister Silvio Berlusconi may have built a blocking minority in the Senate to deny outright victory to opponent Pier Luigi Bersani. Federal Reserve Chairman Ben S. Bernanke testifies before lawmakers tomorrow and the following day.