Treasury 10-year notes fell for a 10th consecutive trading day, the longest stretch of declines since at least 1985, as investors bet a strengthening economy will diminish the refuge appeal of U.S. government securities.
Bonds rose earlier as yields climbed to levels that lured investors. The Federal Reserve bought $1.97 billion of Treasurys maturing from February 2036 to February 2042.
“The market is trying to establish fair value for Treasury debt,” said Christopher Sullivan, who oversees $1.9 billion as chief investment officer at United Nations Federal Credit Union in New York. “We are in a new range, 2.25 to 2.5 percent.”
Yields on 10-year notes rose one basis point, or 0.01 percentage point, to 2.39 percent at 1:52 p.m. New York time, according to Bloomberg Bond Trader prices. They touched 2.33 percent earlier.
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