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Bond Investors Brace for Supply Freight Train Before Fed Confab
The highest long-term Treasury yields in years are headed for a major hearing next week as investors place their bids for two risky auctions — right before the Federal Reserve’s potentially game-changing annual gathering at Jackson Hole. A relentless Treasury-market selloff this month wiped out what was left of year-to-date gains that at one point exceeded 4%. Next week, the US Treasury will sell 20-year bonds and 30-year inflation-protected bonds, demand for which is notoriously unpredictable. If investors shy away, even higher yields will be needed to lure them back. For most of the past two years, Treasury ... (full story)