Treasuries Climb as Sales Data Add to Slow-Growth Bets

Treasuries climbed, led by 30-year bonds, as a report showing U.S. retail sales rose less than forecast last month reinforced bets that slower economic growth will keep inflation low.

The difference between two- and 10-year Treasury yields narrowed for the first time in five days on speculation the pace of expansion is slowing. Federal Reserve Chair Janet Yellen will speak May 15 after saying last week the American economy still needs support from the central bank even as policy makers wind down a bond-purchase stimulus program.