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Treasuries advance after lower June retail sales report

Published July 16. 2013 4:00AM

New York - Treasuries rose, extending the biggest weekly rally in more than a year, as slower-than- forecast growth in retail sales in June added to signs of a second-quarter slowdown in the U.S. economy.

Yields on benchmark 10-year notes dropped after Commerce Department figures showed a 0.4 percent gain in retail sales, compared with a median forecast of a 0.8 percent in a Bloomberg survey of 82 economists. Federal Reserve Governor Daniel Tarullo said any slowing of central-bank asset buying would depend on economic gains. Fed Chairman Ben Bernanke delivers to his semi-annual monetary-policy testimony to Congress on Wednesday and Thursday.

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