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Last week’s Federal Open Market Committee announcement that it would use the ‘twist’ approach by selling short-term Treasuries (duration of 3 years or less) and purchasing long-term Treasuries (duration of 6 years to 30 years) had an immediate impact on the yield curve.

The 10-year shot down to new record lows—below 1.76 percent—and the 30-year, which had the largest move, stood at about 2.87 percent, down from 3.15 percent a day earlier.

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