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Treasuries Drop After U.S Auction of 30-Year TIPS

Treasury 30-year bonds fell the most in three months after an auction of inflation-protected securities drew a higher-than-forecast yield.

Five-year notes dropped from the loftiest level in a week on speculation the debt rallied too far, too fast after the Federal Reserve trimmed U.S. economic growth estimates. Global bonds gained. The government sold $7 billion of 30-year Treasury Inflation Protected Securities at a yield of 1.116 percent, versus the average forecast of 1.093 percent by seven of the Federal Reserve’s 22 primary dealers.