U.S. 10-Year Yields Reach 4-Week High Before $24 Billion Sale
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Treasury 10-year note yields reached the highest level in almost four weeks before the U.S. sells $24 billion of the securities today.
The benchmark note pared losses as Treasury prepared to hold the second of three debt sales this week totaling $72 billion. A $32 billion auction of three-year notes yesterday drew bids for 3.38 times the amount offered, compared with an average of 3.57 for the past 10 sales. Yields jumped on May 3 as a U.S. Labor Department report showed employers hired more workers in April than economists predicted.