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A part of the Treasury yield curve has been inverting since Friday during the run-up to this week’s Federal Reserve’s policy decision, and traders are chalking up the development to a simple technicality. The 7-year Treasury yield TMUBMUSD07Y, 2.159% has traded above the 10-year yield TMUBMUSD10Y, 2.148% largely because of a move known as “convexity hedging,” said Michael Franzese, a fixed income trader for MCAP.
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