Treasurys fell Wednesday before the government auction $30 billion in three-year notes, as a report showed dramatic job losses last month. Ten-year note yields rose for a third day, up 3 basis points to 2.47%. Treasurys pared losses but remained lower after the ADP Employment Services report said private companies cut 693,000 jobs in December, almost 50% more than some economists had predicted. The report comes two days before the government's broader jobs report, which some analysts expect to show the unemployment rate rose to 7.1% from 6.7%. Also on tap, Treasury Secretary Henry Paulson will discuss the roll of Fannie Mae and Freddie Mac ) in the housing market, and Kansas City Federal Reserve President Thomas Hoenig will give his economic outlook.
