NEW YORK, Nov 2 (Reuters) - U.S. Treasury debt prices fell on Wednesday as early mortgage-related selling that brought benchmark yields to seven-month highs gave way to anxiety surrounding next week's $44 billion quarterly refunding.
The market was also beginning to focus on Federal Reserve Chairman Alan Greenspan's final congressional testimony on Thursday and on Friday's U.S. non-farm payrolls report.
Some traders said that given the rate outlook and with prices trending lower, the market was starting to reflect primary dealers' worries about next week's three-legged refunding of three-, five- and 10-year Treasury notes.
"No one wants to be a buyer in front of the refunding next week and additional Fed tightening. That's created a buyer's strike, and the path of least resistance for Treasuries is lower," said Mary Ann Hurley, a bond trader with D.A. Davidson & Co. in Seattle.
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