NEW YORK (CNNMoney.com) -- Treasurys fell Wednesday amid signs that Greece's fiscal situation could improve and a stronger-than-expected reading on the services sector.
What prices are doing: The benchmark 10-year note was down 10/32 to 99-26/32 and its yield rose to 3.64% from 3.61%. Bond prices and yields move in opposite direction.
The 30-year bond fell 17/32 to 100-12/32 and its yield rose to 4.6%. The 2-year note eased 2/32 to 100-3/32 with a yield of 0.81%.
What's moving the market: Investors gravitated toward riskier assets amid easing concerns over Greece's debt woes.
The debt-strapped nation announced a $6.5 billion plan Wednesday to help it cut its ballooning deficit. The plan calls for $3.3 billion in new revenues such as taxes and another almost $3.3 billion in spending cuts, including pension freezes and cuts in civil servants' salaries.
The news helped lift stocks, with the the Dow Jones industrial average gaining about 0.5% in early trading. European shares also advanced.
Treasurys came under pressure after payroll processing firm ADP said private-sector payrolls fell by 20,000 jobs in February, in line with expectations. It was the smallest decline in two years, and raised some hopes that the government's closely watched monthly jobs report could be better than expected when it's released on Friday.
Analysts expect the U.S. to report another loss of 20,000 jobs in February after the economy shed the same number in January. The unemployment rate is forecast to increase slightly to 9.8%.
Also boosting sentiment, the Institute for Supply Management's services sector index rose to 53 in February from 50.5 in January, hitting the highest point since December 2007, at the start of the recession. Economists surveyed by Briefing.com thought it would rise to 51.
Wednesday afternoon, the Federal Reserve releases its "beige book" reading on the economy.
What analysts are saying: "We're seeing some position adjusting after today's data," said Kim Rupert, fixed-income analyst at Action Economics, adding that the numbers were "consistent with ongoing modest recovery."
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.22%||4.27%|
|15 yr fixed||3.19%||3.24%|
|30 yr refi||4.23%||4.29%|
|15 yr refi||3.21%||3.27%|
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