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Treasuries extended gains in the face of an afternoon rally in U.S. stock markets as traders awaited policy decisions from two of the world's largest central banks within the next week.
Benchmark 10-year yields fell five basis points to 2.34 percent at 3:50 p.m. in New York, according to Bloomberg Bond Trader data.
Yields declined in all developed markets tracked by Bloomberg, led by Portugal and Spain. Investors are positioning for an extension of monthly asset purchases of 80 billion euros ($86 billion) by the European Central Bank past March.
On other fronts:
• The 30-year U.S. bond yield fell as much as six basis points; two-year note yield declined about two basis points
• Yield curve between five and 30 years is flatter at about 123 basis points
• The FOMC meets Dec. 13-14 and the market-implied probability remains close to 100 percent that the fed funds target will rise 25 basis points to a range of 0.5 percent to 0.75 percent
• In U.S. economic data, initial jobless claims and Bloomberg consumer comfort scheduled for release Thursday.