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by Cordell Eddings
BusinessWeek.com

Treasury 30-year bonds gained for a second day as yields at almost the highest level in 10 months bolstered demand and the Obama administration submitted a budget plan that included $1.1 trillion in deficit cuts during 10 years.

Bonds strengthened as the Federal Reserve completed its first of four rounds of U.S. securities purchases this week. Yields rose earlier before government reports this week forecast to show U.S. retail sales and industrial production gained in January, boosting demand for assets linked to growth.

“The long bond, which not too long ago was the unwanted child on the yield curve, has reached levels that are enticing investors,” said Jason Rogan, director of U.S. government trading at Guggenheim Partners LLC, a New York-based brokerage for institutional investors. “We are getting to a point where we have seen as high yields as we can go given the data.”

Thirty-year bonds yields fell two basis points to 4.67 percent at 5:01 p.m. in New York, after reaching as high as 4.71 percent. The price of the 4.75 percent security maturing in February 2041 rose 8/32, or $2.50 cents per $1,000 of face value, to 101 7/32. The yield reached 4.79 percent on Feb 9, the most since April 7.

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