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The benchmark 10-year Treasury note, for example, declined from more than 2.6 percent in March to about 2.1 percent earlier in June. (It rose to 2.3 percent on Friday.) The rate on the 10-year note has been hovering at only about 1 percentage point above the Fed funds rate and 0.6 or 0.7 of a percentage point above the three-year Treasury note. In bond market jargon, “the yield curve has been flattening” — meaning short- and long-term interest rates have been moving closer to parity. In itself, such a development is unusual. But if the trend continues, with shorter-term rates rising above l

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