TREASURIES-Investors book profits, lowering prices
* Yields expected to hold near recent lows * Market worries about U.S. fiscal crisis, Greek debt By Chris Reese NEW YORK, Nov 14 (Reuters) - U.S. Treasury debt prices dipped on Wednesday when investors booked profits from a post-election rally that was driven by safe-haven buying over concerns about a looming U.S. fiscal crisis and Europe's debt woes. U.S. Treasuries briefly pared price losses earlier Wednesday after data showing an unexpected drop in producer prices and a larger-than-expected dip in retail sales in October. Yields were not expected to stray far from their lowest levels since September with price support from concerns over the so-called fiscal cliff of $600 billion in U.S spending cuts and tax increases set to start in January that could send the economy back into recession. Ten-year Treasury notes were trading 6/32 lower in price to yield 1.62 percent, up from 1.59 percent late Tuesday. The yield on Tuesday touched 1.57 percent, which was the lowest in 10 weeks. The safe-haven allure of Treasuries was also undermined on Wednesday because Wall Street stocks were set to climb following stronger-than-expected first quarter earnings reported late Tuesday by Cisco Systems Inc. "Some real money accounts are getting flat the market from a trading perspective however, and generally want to be buyers on sell-offs," said Tom di Galoma, managing director at Navigate Advisors LLC in Stamford, Connecticut. Both Democrats and Republicans stood their ground on Tuesday in their first gathering since last week's presidential and congressional elections with disagreements over taxes preventing a compromise on deficit reduction. Concerns in Europe as the IMF and the European Union failed to agree on long-term budget goals for Greece also kept markets edgy, despite the growing likelihood the country would receive the aid payments due this year. Data on Wednesday showed U.S. retail sales fell in October for the first time in three months. Superstorm Sandy, which hit the northeastern United States on Oct. 29, slammed the brakes on automobile purchases, suggesting a loss of momentum in spending early in the fourth quarter. U.S. producer prices also unexpectedly fell last month as the cost of energy and motor vehicles tumbled, according to a government report on Wednesday that showed little inflation pressures in the economy. Investors are looking ahead to minutes from the Federal Reserve's October policy meeting, to be released on Wednesday afternoon, for any clues as to whether the central bank intends to buy more Treasuries once its "Operation Twist" stimulus program expires at the end of December.
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