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Interest rates are more likely to fall in coming months than rise.
Such a prediction seems ludicrous on its face, of course. It seems certain that U.S. interest rates will rise, with the only uncertainty being how much. The minutes of the Federal Reserve’s interest-rate setting committee meeting in March, released this week, show that the Fed is ready to raise interest rates in 50-basis-point increments at its meetings later this year. The emerging consensus is that these and other developments will “scare the bond market…
