Treasuries Snap Gain as U.S. Prepares Debt Auctions
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Treasuries snapped a two-day gain as the U.S. prepared to sell $66 billion of notes and bonds this week, starting with a $32 billion three-year auction today.
The government also intends to offer $21 billion of 10-year debt tomorrow and $13 billion of 30-year bonds on July 14. Treasury yields may rise after the Federal Reserve completed its $600 billion bond-purchase program in June, Bank of America Merrill Lynch, one of the 20 primary dealers authorized to trade directly with the central bank, wrote in a report.