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What’s Behind Falling US Interest Rates?

Federal Reserve policy and signals from the ECB have each played a part in the declining US yield curve. After being range-bound between 2.6% and 2.8% for most of 2014, the yield on the 10-year US Treasury broke out of the range last week and, for a brief time, was several basis points below 2.5%. This has confounded most macroeconomists, as a strengthening economy with rising inflation expectations and rising …Read More