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TREASURIES-Yields mixed as fiscal stimulus and Fed meeting loom

U.S. Treasury yields were mixed on Friday as stocks fell and the market looked ahead to developments next week on new fiscal stimulus steps, as well as a Federal Reserve meeting. The benchmark 10-year yield was last up less than a basis point at 0.5888%. Priya Misra, head of global rates strategy for TD Securities in New York, said the 10-year yield, which is near the low end of the range where it has been trading since March, may break lower as more supply may be coming to fund another potential round of fiscal aid from Washington to fight the economic fallout from the coronavirus pandemic. "I think we're breaking out. We're going lower in yields because of what's happening with risk assets, data momentum seems to be slowing. So my view is it's going to decline," she said. U.S. Senate Republicans will unveil their proposal next week for a fresh round of coronavirus aid, including more direct payments to Americans and a partial extension of enhanced unemployment benefits, Senate Majority Leader Mitch McConnell said on Thursday. Fed policy makers will meet Tuesday and Wednesday. "I think they're going to clear up their economic forecast, not that that matters a great deal," said Stan Shipley, research analyst for Evercore ISI, adding that more clarity on the Fed's forward views might come at the central bank's September meeting. Wall Street was lower as U.S.-China tensions and fears over mounting coronavirus cases fed selling ahead of the weekend. After auctions this week of $17 billion of 20-year bonds and $14 billion of 10-year Treasury-Inflation Protected Securities (TIPS), the U.S. Treasury will offer $141 billion of two-, five- and seven-year notes next week. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was unchanged at 0.1494%. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, which is viewed as an indicator of economic expectations, was last at 43.80 basis points, about 1.60 basis point higher than at Thursday's close. July 24 Friday 1:55PM New York / 1855 GMT Price Price Current Net Yield % Change (bps) Three-month bills 0.1075 0.109 -0.008 Six-month bills 0.1325 0.1344 0.000 Two-year note 99-244/256 0.1494 0.000 Three-year note 99-222/256 0.1699 -0.002 Five-year note 99-226/256 0.274 0.008 Seven-year note 100-96/256 0.445 0.007 10-year note 100-88/256 0.5888 0.007 20-year bond 101-204/256 1.0245 -0.005 30-year bond 100-68/256 1.2393 -0.011 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 6.00 0.25 spread U.S. 3-year dollar swap 4.75 0.50 spread U.S. 5-year dollar swap 3.00 -0.25 spread U.S. 10-year dollar swap -1.00 0.25 spread U.S. 30-year dollar swap -42.00 1.75 spread (Reporting by Karen Pierog; editing by Jonathan Oatis and David Gregorio) Our Standards:The Thomson Reuters Trust Principles.0 : 0narrow-browser-and-phonemedium-browser-and-portrait-tabletlandscape-tabletmedium-wide-browserwide-browser-and-largermedium-browser-and-landscape-tabletmedium-wide-browser-and-largerabove-phoneportrait-tablet-and-aboveabove-portrait-tabletlandscape-tablet-and-abovelandscape-tablet-and-medium-wide-browserportrait-tablet-and-belowlandscape-tablet-and-belowAppsNewslettersAdvertise with UsAdvertising GuidelinesCookiesTerms of UsePrivacyDo Not Sell My Personal InformationAll quotes delayed a minimum of 15 minutes. 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