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A US$1 trillion pain trade in the Treasuries divides top bond dealers

Consequences of Fed's pullback from Treasury purchases to replace the matured ones extend beyond bond market
Tuesday, May 16, 2017 - 05:50

New York

TO APPRECIATE just how important the Federal Reserve has been to the US Treasury, consider this simple fact: It alone financed roughly 40 per cent of America's budget deficit last year.

So as Fed officials talk up the possibility of unwinding the central bank's crisis-era

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