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Few dealers in the wholesale markets – or their clients, for that matter – will be sorry to see the back of 2014. The persistent rally in US rates, combined with continued central bank action – or inaction – in Japan and Europe has suppressed volatility and left dealers on track for their worst fixed-income results in a decade.
But with the benefit of hindsight, it's also a year that may come to be seen as a watershed – for the rates market in