(Bloomberg) — A rally in Treasuries that’s delivered the longest streak of gains for benchmark 10-year debt since August paused on Wednesday ahead of another chunky auction of securities.
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Yields for all maturities rose as much as 3 basis points as of 9:55 a.m. in New York. The US government is set to sell $42 billion of new 10-year notes at 1 p.m. and $25 billion of 30-year bonds on Thursday. While investors often seek higher yields to absorb additional bond issuance, a sale of three-year securities on Tuesday received solid demand despite rallying beforehand, and yields remained lower on the day afterward.
The current 10-year note’s yield has declined for five straight days to about 4.49%, extending its retreat from year-to-date highs over 4.7%. Mounting expectations the Federal Reserve will cut interest rates this year — based on comments last week by Fed Chair Jerome Powell and weak April jobs data…
