Treasuries Surge as Global Investors Clamor for Government DebtBy
Japanese 10-year yields extend record push below zero
U.S. auctions $24 billion in three-year notes at 1.039% yield
Treasuries surged, with U.S. 10-year yields falling by the most in more than two weeks, after a steep rally in Japanese debt carried through into global markets.
Benchmark U.S. notes gained after an auction of 30-year Japanese securities at a record-low yield drew the strongest demand in almost two years. Reports showing a slump in Chinese exports and a contraction in Japan’s economy boosted haven demand for sovereign debt. The U.S. sold $24 billion of three-year notes Tuesday, the first of three auctions of coupon-bearing securities this week totaling $56 billion…
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