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If trading bonds is tough, think about the pain when rates rise

Less depth lately has meant greater volatility. So US Treasuries may be prone to more disruptions

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The implications of a less liquid US Treasury market extend beyond Wall Street.

New York

TRADING US Treasuries keeps getting tougher and tougher.

For decades, the US$12.5 trillion market for US government debt was renowned for its "depth": Wall Street's way of talking about a market's ability to handle large trades without big moves in prices.

But

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