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Treasuries Pare Losses on Prospects for Europe’s Debt Crisis

Treasuries pared losses on concern European leaders wont’ agree on how to expand the region’s rescue capacities as debt-strapped nations struggle to fund their budget deficits.

U.S. government debt fell earlier as investors prepared for a $21 billion auction of 10-year notes and Europe’s bailout fund sold the maximum amount at its first auction of bills, reducing the refuge demand for U.S. government debt. German Chancellor Angela Merkel said the 500 billion-euro ($654 billion) upper limit on Europe’s planned permanent bailout fund will remain in place. The Federal Open Market Committee is meeting today.

“The market looks conflicted with the supply and headlines coming out of Europe,” said Sean Murphy, a Treasury trader at Societe Generale in New York, one of the 21 primary dealers that trade with the Fed. “There are a lot of key issues going on. You also have the FOMC to follow.”

Benchmark 10-year note yields gained two basis points, or 0.02 percentage point, to 2.03 percent at 12:11 p.m. New York time after reading 2.06 percent earlier, according to Bloomberg Bond Trader prices. Yields on 30-year bonds rose one basis points to 3.06 percent after earlier touching 3.10 percent.

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