Treasuries Fall as Draghi Pledge to Save Euro Curbs Haven Demand

Treasuries fell after European Central Bank President Mario Draghi said the ECB was ready to do whatever it takes to preserve the euro, damping demand for the safest assets.

Longer maturities led losses as the yield at a $29 billion auction of seven-year Treasuries exceeded forecasts in the final of three note sales this week totaling $99 billion. The yields on Spanish debt dropped after climbing to euro-era records this week amid concern its banks’ and region’s debts will force it to seek a bailout.