Treasuries Fall Before Yellen Testimony, Three-Year Note Auction

Treasury 10-year notes fell for the first time in three days as investors weighed whether Federal Reserve Chairman Janet Yellen will signal the U.S. economy is strong enough to withstand cuts in stimulus in testimony today.

Longer maturities led declines before a government report that economists said will show job openings increased in December at near the fastest pace since 2008. The U.S. will sell $70 billion of coupon-bearing debt this week starting with $30 billion of three-year notes today. Yellen, who was sworn in as central-bank chief on Feb. 3, will today deliver her first monetary-policy report to the House Financial Services Committee in Washington.