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U.S. Treasurys prices rose on Tuesday for the third straight session, after an auction of 2-year notes was met with strong demand.
In a session where bonds were already supported by expectations for a longer period of accommodative Federal Reserve monetary policy, benchmark yields fell to their lowest in more than a month. .
Benchmark 10-year notes rose 14/32 in price, their yields easing to 2.66 percent from 2.71 percent late on Monday and its lowest since early August. Thirty-year bonds rose by 30/32, with yields easing to 3.68 percent from 3.73 percent late on Monday.
The prospect of $97 billion in coupon supply this week, beginning with the $33 billion sale of two-year notes at 1 p.m. EDT did not thwart the market's march higher.
"Only weeks ago, the two-year yield was trading north of 50 cents — 0.534 percent before the August non-farm payrolls report. But after the weaker non-farm payrolls and, most notably, the FOMC's decision last Wednesday not to trim its bond purchases, two-year yields have traded back to the mid 30 cents with expectations for zero bound rates remaining well into 2015, if not 2016," said Justin Lederer, Treasury strategist at Cantor Fitzgerald in New York.