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    Treasuries rose to the highest since 2005 as concern over subprime mortgage losses led investors to sell stocks and seek the safety of short-term government debt. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

    Yields on two-year notes fell more than 10-year securities as traders increased bets that the Federal Reserve will cut interest rates next month to shore up credit markets. Barclays Plc wrote down $2.7 billion of securities, and Wells Fargo & Co. said it's ``not immune'' to what it said is the worst housing market since the Great Depression.

    "Treasuries are the safe haven,'' said Colin Lundgren, head of institutional fixed income in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Minneapolis at RiverSource Investments, which oversees $100 billion of bonds. "It was last month's writedown, it was last week's writedown, it was yesterday's writedown, it was today's writedown.''