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The most significant event in credit markets in 2003 may well prove to be Federal Reserve Board chairman Alan Greenspan’s July 15 testimony to the House Financial Services Committee. The speech took what had been a month-long uptrend in yields and turned it into a rout that ensured the three-year bull run in interest rates ended in memorable fashion. The chairman’s words undid the perception that the central bank may be required to use the broad set of tools outlined by Fed governor Ben Bern

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