Treasuries Pare Gains Before $29 Billion Seven-Year Sale
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Treasuries erased gains before Treasury auctions $29 billion of seven-year notes, the last of three sales this week totaling $99 billion.
U.S. debt rose earlier today, extending their first monthly gain since November, as Federal Reserve Chairman Ben S. Bernanke reduced concern the central bank’s monetary stimulus would spark inflation. Benchmark 10-year note yields reached an almost one-month low as Bernanke testified to lawmakers for a second day. U.S. debt was also supported as Congress-mandated $1.2 trillion in across-the-board spending cuts are set to begin March 1.