By Deborah Levine, MarketWatch NEW YORK (MarketWatch) — Treasury prices fell on Wednesday, pushing long-term yields up and reversing some of the recent drop as equities and other assets deemed riskier bounced, reducing demand for the relative safety of U.S. debt for the moment. “Yields have optical resistance – a technical term meaning, wow, yields are low – and there are impending events that warrant at least some pause,” said strategists at CRT Capital Group. Yields on 10-year notes 10_YEAR +2.73% , which move in the opposite direction as prices, rose 2 basis points to 2.01%. A basis point is 1/100 percentage point. Thirty-year-bond yields 30_YEAR +1.65% increased 3 basis points to 3.3%, after touching the lowest since January 2009 on Tuesday. Yields on 2-year notes 2_YEAR +3.90% slipped 1 basis point to 0.2%. Yields on the benchmark securities fell to a record low of 1.91% on Tuesday, which may prompt some traders to lock in some recent profits, said Bill O’Donnell and John Briggs, bond strategists at RBS Securities. Read more on Treasury rally. “We recommend tactically lightening up on longs sub-2% as the market looks to consolidate 32 basis points of gains in 10-year yields in three days,” they wrote in a note. Boosting investors’ willingness to shift back into riskier assets were reports indicating that President Barack Obama is planning to announce on Thursday a $300 billion package to boost jobs. Also, a German court ruling that upheld the country’s involvement in bailing out its struggling neighbors offered relief to one aspect about the European sovereign debt crisis. U.S. stock futures pointed to a higher opening and the dollar EURUSD +0.25% fell against the euro. Read more about the dollar, euro. The main U.S. economic release will be of the Federal Reserve’s Beige Book, due at 2 p.m. Eastern time.

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