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Treasuries Rise First Time in 3 Days

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March 15 (Bloomberg) -- Treasuries rose for the first time in three days as investors sought safety after a gauge of U.S. consumer confidence unexpectedly dropped and U.S. stocks fell.

Bonds were little changed earlier, with 10-year yields trading above 2 percent for a sixth day. The Fed will buy as much as $5.75 billion of Treasuries today due from December 2017 to November 2018 in a program to bolster growth.

Benchmark 10-year Treasury yields fell three basis points, or 0.03 percentage point, to 2 percent at 10:10 a.m. New York time, according to Bloomberg Bond Trader data.

The Thomson Reuters/University of Michigan preliminary sentiment index for March fell to 71.8, the lowest level since December 2011, from 77.6 in February. The gauge was projected to increase to 78, according to the median estimate of 67 economists surveyed by Bloomberg.

The Standard & Poor’s 500 Index fell 0.4 percent.

To contact the reporters on this story: Susanne Walker in New York at swalker33@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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