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Sometimes predictions come true when you least expect them to.

Take non-US demand for US bonds, for example: 2003 has been a year when American actions have ruffled international feathers on many fronts. It has also been a year when the rebound in the US economy has caused a turn in the interest rate cycle, creating periods of high volatility within the overall framework of continued low yields. These two factors (high volatility and low yields) have at times led us to expect that investors o

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