Treasuries rose, snapping six days of declines, after data showing U.K. industrial production unexpectedly fell in January reignited concern global growth will slow, spurring demand for the safest assets. Benchmark 10-year yields fell from within two basis points of the highest level in 11 months. The U.S. is scheduled to sell $32 billion of three-year notes today, $21 billion of 10-year debt tomorrow and $13 billion of 30-year bonds on March 14. Yields surged last week as stronger-than-expected jobs data increased optimism that the U.S. economy is gathering pace. “These are semi-attractive levels,� said Justin Lederer, an interest-rate strategist at primary dealer Cantor Fitzgerald LP in New York. “The U.S. is not ready to break significantly higher in yields. The three-year will go fine. There are just buyers out there. I don’t see the Fed raising rates anytime soon, so that should keep the front end intact.� Treasury 10-year yields fell two basis points, or 0.02 percentage point, to 2.04 percent at 8:27 a.m. New York time, according to Bloomberg Bond Trader data. The 2 percent note due February 2023 rose 6/32, or $1.88 per $1,000 face amount, to 99 21/32. The rate climbed to 2.08 percent on March 8, the highest level since April. Output Falls Treasuries due in 10 years and more are trading at the cheapest level in 19 months relative to global peers with similar maturities, Bank of America Merrill Lynch indexes show. Yields on the Treasuries were 54 basis points higher on March 8 than those in an index of other sovereign debt due in 10 years and more, the indexes show. That was the most since August 2011. U.K. production fell 1.2 percent from December, when it rose 1.1 percent, the Office for National Statistics said today in London. The median forecast in a Bloomberg News survey of 29 economists was for a 0.1 percent increase. Manufacturing output also declined, falling 1.5 percent. “There’s a little bit of disappointment about the economic figures around the globe and that’s supportive of Treasuries,� said Ralf Umlauf, head of floor research at Landesbank Hessen- Thueringen in Frankfurt. “We are seeing weaker equity markets as well as bad figures from U.K. industrial production. In the medium-term yields should rise because the U.S. will show moderate growth.� U.S. retail sales advanced in February for a fourth month, rising 0.5 percent, according to the median estimate of economists in a Bloomberg News survey before the Commerce Department reports the figure tomorrow. Hiring Increase Government data on March 8 showed the U.S. economy gained 236,000 jobs in February, versus 165,000 projected by a Bloomberg News survey of economists. The Federal Reserve is buying $85 billion of Treasury and mortgage debt a month to fuel growth by putting downward pressure on yields. The three-year notes being sold today yielded 0.42 percent in pre-auction trading, versus 0.411 percent at the prior sale on Feb. 12. Direct bidders, non-primary-dealer investors that place their orders with the Treasury, purchased a record amount of three-year debt for the third-straight time last month. They snapped up 26.9 percent of the securities, topping the previous record of 26.4 percent at the January sale. Indirect bidders, the investor class that includes foreign central banks, bought 18 percent of the notes, a record low. Trading volume dropped yesterday to $185 billion, the lowest since touching the 2013 low of $183 billion on March 4, according to ICAP Plc, the largest inter-dealer broker of U.S. government debt. Volume increased to $383.9 billion on March 8, the highest since Feb. 26. Average daily Treasuries volume for the past year is $247.8 billion. To contact the reporters on this story: Susanne Walker in New York at swalker33@bloomberg.net; Emma Charlton in London at echarlton1@bloomberg.net To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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