Treasuries were the world's worst-performing bonds this year, before the Federal Reserve meets today and tomorrow to decide whether to trim its debt-buying program.

U.S. government securities due in a decade and longer have fallen 11 percent from January 1, 2013, to yesterday, the biggest loss among 144 debt indexes tracked by Bloomberg and the European Federation of Financial Analysts Societies. The Treasury is scheduled to sell $32 billion of two-year debt today, in the first of four note auctions this week.

“I don't think the Fed will start to taper,” said Kei Katayama, who buys non-yen debt in Tokyo for Daiwa SB Investments Ltd., which manages the equivalent of $47.9 billion. “The economic data are mixed. Yields may go slightly lower.” Katayama said the duration of his holdings is “slightly” longer than the benchmark he uses to gauge performance.