“Treasuries traded at almost he highest level since April as global stocks gained before Federal Reserve policy makers end a two-day meeting today.
Benchmark notes were little changed as companies in the U.S. added more workers than forecast in January, according to a private report based on payrolls. Fed Chairman Ben S. Bernanke’s latest round of bond buying will reach $1.14 trillion before he ends the program in the first quarter of 2014, according to the median estimate in a Bloomberg News survey of economists. The Treasury auctions $29 billion of debt due in January 2020 today, the last of $99 billion of note sales this week.
“We expect the Fed will hold where we have been in terms of policy — the economy didn’t do as well as expected,” said Steven Ricchiuto, chief economist in New York at Mizuho Securities USA Inc., one of 21 primary dealers that deal directly with the Fed. “On ADP, we had a downward revision to the previous month. ADP is not telling us much about payrolls.”
The 10-year yield rose one basis point, or 0.01 percentage point, to 2.01 percent at 8:24 a.m.New York time after touching 2.03 percent, the highest since April 25, according to Bloomberg Bond Trader data.
Treasury yields may rise to 2.25 percent within three- to six months, von Mehren said….”
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