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When Treasury yields on the 10 year note were climbing to 4.0% in the late spring bond traders fears were centered on the Federal Reserve's extraordinary liquidity provisions, the Obama administration's unprecedented ten year deficit projections and the potential for inflation. The collapse in Treasury prices prompted the Fed's entry into the Treasury market. Its $300 billon program to purchase government debt led to suspicions that the US Government had embarked on direct monetization of its debt, printing dollars to make up for the revenues it no longer had. As the Treasury began to auction the massive amounts of debt these fears undermined confidence that the credit markets would accept the new issuance.
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