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U.S. Treasurys yields climbed on Tuesday as upbeat Chinese industrial output and retail sales data eased fears of an economic slowdown, while ebbing concerns about a Western-led attack on Syria also reduced demand for safe-haven U.S. debt.
Benchmark yields approached 3 percent following stronger-than-expected industrial output that reinforced other signs that China's economy was stabilizing after slowing for more than two years. This improving trend has emerged just as major development economies brace for potential fallout from an expected trimming of U.S. stimulus, known as QE3.
Concerns about a Western-led attack on Syria also decreased after U.S. President Barack Obama said Monday he saw a possible breakthrough after Russia proposed that its ally Damascus hand over its chemical weapons for destruction, which could avert the planned military strikes.
"We seem to be averting an imminent strike against Syria. That's taking away from of the safehaven bids for bonds," said Sharon Stark, chief fixed income strategist at D.A. Davidson in St. Petersburg, Florida.
Solid investor demand at a $31 billion three-year note sale, part of the $65 billion coupon-bearing supply this week, briefly kept a lid on yields, but traders quickly turned their attention to the remaining supply in 10-year and 30-year maturities on Wednesday and Thursday amid lingering concerns over rising long-dated yields whenever the Fed halts QE3.
The latest three-year note due September 2016 cleared at a yield of 0.913 percent, which was the highest since May 2011.
On the open market, benchmark 10-year Treasury notes were last down 11/32 in price to yield 2.957 percent, up 4 basis points from late Monday. The 10-year yield was roughly 5 basis points below the 25-month high set on Friday.
The yield on the was up 2 basis points to 0.467 percent, while the 30-year bond yield was up 4 basis points at 3.888 percent.
— By Reuters.