Treasuries Pare Gains as Fed Purchases Speculation Eases
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Treasuries notes pared gains as speculation eases that the Federal Reserve will hint at additional asset purchases and an auction of $32 billion of three-year debt attracted lower-than-forecast demand.
The three-year notes drew a yield of 0.456 percent, compared with the average forecast of 0.450 percent in a Bloomberg News survey of six of the Fed’s 21 primary dealers. The Treasury will sell $21 billion in 10-year notes tomorrow, when the Federal Open Market Committee meets. The U.S. will sell $13 billion of bonds the next day.