Treasuries Rally Sends 10-Year Yield to 2013 Low on Oil Weakness

Treasuries rose, pushing 10-year note yields to a 2013 low, as tumbling oil prices crimp the outlook for inflation and fueled speculation the Federal Reserve may delay an interest-rate increase.

U.S. debt extended gains after the auction of $24 billion of three-year notes produced a lower-than-forecast yield. Fed Bank of Atlanta President Dennis Lockhart said policy makers should be “patient” in raising rates. West Texas Intermediate crude oil will weaken to $41 a barrel in three months, Goldman Sachs Group Inc. forecast. JPMorgan Chase & Co. cut its forecast on the U.S. 10-year note yield.