November 29, 2012 / 5:01 PM / 5 years ago

TREASURIES-Bonds rise on Boehner "fiscal cliff" remarks

NEW YORK, Nov 29 (Reuters) - U.S. government debt prices turned higher midday Thursday after remarks from U.S. House of Representatives Speaker John Boehner reduced hopes of a budget deal soon, stoking safehaven demand for bonds before a $29 billion auction of seven-year notes.

The top Republican lawmaker said there has been no substantive progress in recent weeks in talks to avoid the “fiscal cliff,” which is a series of tax hikes and spending cuts that will phase in next year if a budget compromise is not reached before year-end.

Benchmark 10-year Treasury notes were up 3/32 in price with a yield of 1.625 percent, down 0.9 basis point from late on Wednesday.

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