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Treasury Yields Fall to Records on Fed Plan to Buy $600 Billion

Treasury two- and five-year note yields dropped to records after the Federal Reserve said it would buy an additional $600 billion of U.S. debt to keep borrowing costs low and sustain the economic recovery.

U.S. debt yields rose yesterday after the government’s payrolls report showed employers added more jobs in October than analysts forecast. The 30-year bond yield rose this week to a four-month high as the Fed said it would buy fewer longer-term securities than many investors anticipated. The Treasury will auction $72 billion in notes and bonds next week.