A shortage of benchmark 10-year Treasuries in the market for borrowing and lending U.S. government debt has made the securities expensive to obtain and spurred a surge in uncompleted trades, known as fails. Failure to deliver for all 10-year notes rose in the week ended March 2 to $32.3 billion, from $132 million the week before, the latest data from the Federal Reserve Bank of New York show. The figure is the highest since June 2013, when Treasuries tumbled after then-Fed Chairman Ben S. Bernanke signaled the central bank might slow its bond buying, an episode dubbed the “taper tantrum.”

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