Do you remember what sent the stock market into turmoil last week? A spike in wage data convinced investors that higher inflation was just around the corner, leading to a sell-off in a bunch of U.S. Treasuries. That convinced the stock market that higher interest rates were just around the corner, leading to sell-offs there too. Temporary panic ensued. In other words, behind the stock market rout was a minor change in the U.S. debt market. So now is a good time to examine that market in...

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