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Global long ends show no signs of setting the world alight midweek with note futures down only slightly in the U.K. and U.S., while German bunds and Aussie government notes are up by about as much. All around there is little impetus from today's widely awaited U.S. new home starts and consumer data. Static 10-year yields belie the growing acceptance of an extended period of low interest rates, which countless central bankers continue to emphasize. On Tuesday it was the turn of Cleveland Fed President Sandra Pianalto, who described the path to recovery as "gradual and bumpy."
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