Treasury Yields Drop From Week High After Home Sales Decline
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Treasury 10-year note yields dropped from the highest level in a week after a report showed harsh weather pushed sales of previously owned U.S. homes in January to the lowest level in more than a year.
Treasuries erased weekly losses fueled by minutes of the Federal Reserve’s last meeting that showed the central bank will continue to cut bond purchases, given policy makers’ confidence in the economic recovery. Snow and ice storms had also depressed data on retail sales and employment. The Bloomberg U.S. Treasury Bond Index has dropped 0.3 percent this month.