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Treasuries Climb as Fed Says Rates Likely to Remain Low

Treasuries rose, pushing 10-year yields to a two-week low, as the Federal Reserve reiterated that it’s likely to keep the benchmark interest rate close to zero for a “considerable time” after bond purchases end.

Benchmark 10-year notes rose even as the central bank reduced the monthly pace of its bond-buying by $10 billion, to $45 billion, the fourth cut of that size since policy makers said in December they would taper the stimulus program. The Fed said in a statement further decreases are likely in “measured steps.” Treasuries rose earlier after a report showed first-quarter U.S. economic growth slowed more than forecast.