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Will Yellen Drop a Bombshell Wednesday?
The Wall Street Journal's Daily Report on Global Central Banks for Tuesday, May 6, 2014 Sign up for the newsletter: http://on.wsj.com/grandcentralsignup . Last week's U.S. jobs report has done very little to shake the market's conviction that the Federal Reserve won't start raising short-term interest rates until well into 2015 and that it will move slowly once it starts. Developments in Treasury markets and interest rate futures markets are consistent with this story: Yields on one-year Treasury securities remain pinned just below 0.1% and yields on two-year Treasury notes are anchored below 0.45%. Eurodollar futures and fed funds futures contracts which investors trade to make bets on the outlook for short-term rates -- have barely budged since early April. The question
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