Treasuries advanced for a third day as investors weighed whether the world's largest economy is expanding fast enough to prompt the Federal Reserve to taper monetary stimulus.
Ten-year notes headed for a weekly gain before Fed Governor Jeremy Stein speaks today on monetary policy in New York. Treasuries rallied yesterday when New York Fed Bank President William C. Dudley said policy makers may prolong asset purchases. Economists say U.S. reports today will show consumer confidence fell from a six-year high this month and business activity slowed.
The benchmark 10-year yield fell one basis point, or 0.01 percentage point, to 2.46 percent at 8:18 a.m. London time, according to Bloomberg Bond Trader prices. The 1.75 percent note due in May 2023 rose 1/8, or $1.25 per $1,000 face value, to 93 26/32. The yield has declined seven basis points this week.
The Thomson Reuters/University of Michigan index of consumer sentiment was at 83 in June, compared with a prior reading of 82.7 for the month and 84.5 in May, according to a Bloomberg News survey. The MNI Chicago Report's business barometer fell to 55 from 58.7 in May, a separate survey showed. A reading above 50 signals expansion.
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