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Treasuries Tumble on Supply, Europe's Pledge to Support Greece - Bloomberg.com

Feb. 13 (Bloomberg) -- Treasuries fell, with 10-year notes dropping for the first week this year, as the government sold a record-tying $81 billion in notes and bonds and Europe's pledge to aid Greece dulled the haven appeal of U.S. debt.

Ten- and 30-year yields rose the most in seven weeks as sales of the securities drew lower-than-average demand. The European Union said it was prepared to take action to support Greece, while leaving open how it might respond to a fresh wave of speculative attacks against member nations that are also struggling to cut deficits. U.S. consumer prices rose in January, a report is forecast to show next week.

"With all of the issues the EU had with the PIGS, one would think we would see a continued flight to quality," said Thomas L. di Galoma, head of U.S. rates trading at Guggenheim Partners LLC, a New York-based brokerage for institutional investors. He used an abbreviation for Portugal, Ireland, Greece and Spain.

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Feb 13th, 2010 at 12:42:12 PM EST
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