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Treasuries Rise as Note Sale Draws Foreign Central Bank Demand

Treasury 10-year note yields fell from the highest level since April as the government’s $24 billion auction of the debt drew the most demand on record from a class of investors that includes foreign central banks.

Indirect bidders bought 71.3 percent of the notes, compared with 53.6 percent in January and an average of 46.4 percent for the past 10 sales. Yields had climbed the most in more than two weeks yesterday after the Treasury’s three-year note auction attracted the lowest indirect bids since 2007 amid concern inflation is accelerating.