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The whole rally in Treasuries in January and February seemed a little too obvious to sustain lower yields for too long. Markets move on skepticism and one didnt feel much skepticism by the time the February low yields were reached. Now, the 30-year yield has retested its February 2015 low and is pushing higher. The U.S. labor market continues to take up slack and wages will have to move higher at some point. The disinflationary effects of the dollar rally and oil decline are beginning to diminish and yields have moved higher as a result.
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