U.S. 10-Year Yield Tops 2% as Bernanke Says Fed May Taper Buys

Treasuries fell, pushing 10-year note yields above 2 percent for the first time since March, after Federal Reserve Chairman Ben S. Bernanke told Congress the Fed may cut the pace of bond purchases at the next few meetings if policy makers see indications of sustained economic growth.

U.S. debt rose earlier as Bernanke told Congress the economy remains hampered by unemployment and government-spending cuts and that reducing stimulus too soon would endanger the recovery. Many Fed officials said more progress in the jobs market is needed before any slowing to the pace of quantitative easing, according to meeting minutes. Benchmark yields increased as a report showed sales of previously owned U.S. homes rose in April to the highest level in more than three years.