US government bonds extend Monday's gains, driven by the unfamiliar sight of flight-to-safety bids. The conflict in Syria is hitting investors' nerves, setting up the classic haven flows that are lifting gold and the yen and weighing on equities globally. To be sure, gains in Treasurys are still capped by the looming prospect of Fed tapering in 3 weeks. But should US data continue to disappoint--consumer confidence and home prices are out today--the mix of geopolitical fears and reduced tapering concerns could drive a comeback in Treasurys. Ten-year notes are up 6/32, yielding 2.765%.
(cynthia.lin@wsj.com; cynthialin_dj)
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