By Wes Goodman - Nov 21, 2011 7:32 AM GMT+0700
Treasuries rose, extending gains from last week, as speculation the U.S. budget supercommittee will fail to agree on how to cut the deficit pushed stock futures down and boosted demand for the relative safety of debt.
Ten-year yields fell three basis points to 1.98 percent as of 9:28 a.m. in Tokyo, according to Bloomberg Bond Trader prices. The 2 percent security maturing in November 2021 advanced 9/32, or $2.81 per $1,000 face amount, to 100 6/32.
Futures on the Standard & Poor’s 500 Index expiring in December dropped 0.7 percent to 1,205.70.
The U.S. is scheduled to sell $35 billion of two-year notes today, the first of three auctions of coupon-bearing debt this week totaling $99 billion.
To contact the reporter on this story: Wes Goodman in Singapore at wgoodman@bloomberg.net.
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
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