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* Investors await Trump speech to joint session of Congress
* Yields rise from at least two-week lows hit Friday
By Sam Forgione
NEW YORK, Feb 27 (Reuters) - U.S. Treasury yields rose modestly on Monday from multi-week lows touched Friday on anticipation that any references to pro-growth economic policies in a speech by U.S. President Donald Trump on Tuesday could drive yields higher.
Treasury Secretary Steven Mnuchin said on Sunday that Trump would use a major policy speech to a joint session of Congress to preview some elements of his sweeping plans to cut taxes for the middle class, simplify the tax system and make U.S. companies more globally competitive, with lower rates and changes to encourage U.S. manufacturing.
Analysts said investors were adjusting positions after growing bullish on Treasuries last Friday, when benchmark 10-year note yields slumped to 2.31 percent, their lowest level in more than five weeks. Those yields rose to a session high of 2.345 percent on Monday.
"There is setting up for what people expect might be at least a focus on things like fiscal stimulus and infrastructure spending of some kind, that might actually boost risk and cause yields to rise," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York.
Trump said on Monday he is seeking a "historic increase" in military spending to be funded by cuts elsewhere in government and that he would talk about his plans for infrastructure spending on Tuesday.
Yields on Treasuries maturing at other than 10 years had hit more than two-week lows Friday and also rose Monday. U.S. 30-year bonds, which hit their lowest since Feb. 9 on Friday of 2.948 percent, rose to a session high of 2.973 percent Monday. U.S. three-year notes, which hit their lowest since Feb. 7 Friday of 1.388 percent, hit 1.426 percent Monday.
Yields move inversely to prices.
"If anything, it’s a little bit of a bounce-back" in yields, said Justin Hoogendoorn, head of fixed income strategy at Piper Jaffray & Co in Chicago.
U.S. 10-year Treasury notes were last down 7/32 in price to yield 2.342 percent, from a yield of 2.317 percent late Friday. Two-year notes were last down 1/32 in price to yield 1.169 percent, from a yield of 1.145 percent late Friday. (Reporting by Sam Forgione; Editing by Nick Zieminski)