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Treasury Yields Drop Most in Three Weeks Amid Concern on Europe

Treasuries rose, pushing 10-year note yields down the most in three weeks, as an unprecedented proposed levy on bank deposits in Cyprus threatened to reignite the euro region’s debt crisis, boosting demand for a refuge.

The 10-year yields traded below 2 percent for a second day before the Federal Reserve begins a meeting tomorrow amid speculation policy makers will decide the central bank should keep buying bonds to spur economic growth. Euro-area finance ministers sought to tax bank deposits in Cyprus as part of a plan for a 10 billion-euro ($13 billion) bailout of the nation. “The Cyprus news was the biggest and most negative news we’ve had in some time,” said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, which oversees $12 billion in fixed income assets. “Still, the market is waiting for more news out of Europe , now that we know the […]

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