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Treasuries Halt 3-Day Drop Amid Yellen Speech Speculation
Treasuries snapped a three-day decline as traders speculated Fed Chair Janet Yellen will emphasize weakness in the U.S. labor market in her speech tomorrow at a conference of central bankers. U.S. 10-year note yields rose earlier to a one-week high, approaching the biggest gap in seven years versus developed market peers. Yellen has cited labor-market slack as a reason for low interest rates. The Fed debated the issue last month, and “many” policy makers said they may raise rates sooner than they anticipated, meeting minutes showed yesterday. The U.S. sold $16 billion of five-year inflation-linked notes. “It ... (full story)