Treasuries Rally as Europe Stalls on Debt-Crisis Resolution
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Treasuries advanced, pushing the yield on the 10-year note down the most since August, as European leaders struggled to agree on a coordinated approach to stem the sovereign-debt crisis, stoking demand for refuge.
U.S. 30-year bond yields dropped the most on a weekly basis since September as officials at a Group of 20 meeting yesterday failed to agree on boosting the International Monetary Fund’s resources that would aid Europe. Governments await details of Europe’s week-old rescue package before they commit more cash, German Chancellor Angela Merkel said yesterday on the final day of the summit in Cannes, France. The U.S. will sell $72 billion in notes and bonds next week.