This is about trust, this system. So the question is how you price that, and it's given the foreign exchange market pause.

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The U.S. economy is doing quite well. There is an appetite for dollars.

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People are convinced there isn't robust demand by consumers.

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The combination of strong growth in the U.S., euro zone and Japan at the same time is bearish for bonds, so it is not surprising that yields in all three regions have either just broken out of their recent ranges or are not far from doing so.

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