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Joe Mac’s Market Viewpoint: Finding Normal

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A long, long time ago when I first arrived on Wall Street in the early 1960s, 10-year Treasury bonds were yielding 4%. Although nearly double current levels, 4% was considered quite normal at the time. But then a secular bear market in bond prices began as yields moved higher for nearly two decades. That bear market ended in the late summer of 1981 when yields for the 10-year Treasury peaked at almost 16%. It was a major inflection point in U.S. financial history as both a cyclical and a ...


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