BOND REPORT: Treasurys Sell Off Ahead Of Auctions

Treasury prices fell Wednesday, with the 30-year bond and 10-year note leading the selloff, ahead of two debt auctions.

The yield on the 10-year Treasury note rose 2.3 basis points to 2.014%, while the two-year yield was flat at 0.660%, according to Tradeweb data.

Treasury yields move inversely to prices.

As of Tuesday’s close, the 10-year yield had climbed for six straight sessions, the longest streak since June 2013, and the 32.2-basis-point jump over that time also is the most since June 2013. It looked set to extend that streak Wednesday.

The Treasury Department is expected to auction $24 billion in 10-year Treasury notes Wednesday afternoon. On Thursday, the central bank will auction $16 billion in 30-year bonds.

Despite Wednesday’s selloff, Treasury prices will likely move higher ahead of the release of minutes from the Federal Reserve’s January meeting next week, said Sean Murphy, senior Treasurys trader at Société Générale.

Murphy added that the tension in the eurozone and the continuing volatility in crude-oil prices will help keep Treasurys buoyant in the near term.