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Treasury yields are now more than 1% higher than they were back in March. We saw a similar sell-off last summer only to see yields backtrack when the economic data faded and concerns grew about job market prospects. It doesn’t seem likely that will happen this time around. March’s payrolls number made the term ‘jobless recovery’ an anachronism overnight. April’s number drove the point home with a vengeance and the Fed commentary in the interim put fixed-income investors on notice that official m

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