TREASURIES-U.S. bonds briefly widen losses after data, Bernanke
NEW YORK, Feb 26 (Reuters) - Early losses in the U.S. Treasuries market briefly widened on Tuesday on news of an unexpectedly big jump in U.S. consumer confidence and single-family home sales in January.
Meanwhile, Federal Reserve Chairman Ben Bernanke's congressional testimony, as expected, strongly defended the U.S. central bank's bond-buying stimulus, saying its benefits clearly exceed possible costs.
The Fed chairman also urged lawmakers to avoid sharp spending cuts set for Friday, which he warned could combine with earlier tax increases to create a "significant headwind" for the economic recovery.
After briefly widening their losses, Treasuries trimmed the shortfalls, leaving yields where they stood before the data and Bernanke testimony were released.
The 10-year note yield stood at 1.88 percent, up from 1.86 percent late on Monday. It was down 4/32 in price.
After posting its biggest one-day drop since June 1 on Monday, the 30-year bond yield stood at 3.07 percent, up from 3.06 percent late on Monday.