By the end of May, the decline in the benchmark 10-year U.S. government note yield to 2.40% marked its lowest reading since July 2013. The topic du jour on most financial media talk shows immediately became why bond yields were seemingly responding more to the earth's gravitational pull and ignoring the imminent monetary tightening that the Federal Reserve was clearly embarking upon. Meanwhile, stocks continue to enjoy the summer heat and appear unflustered by a slew of nasty geopolitical risks in the background.
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