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Positioning Portfolios for a Rising Rate Environment

Success requires consideration of changes in the shape of the yield curve.

In 1981, the yield on the 10-year U.S. Treasury bond peaked at 15.3 percent. For the next 35 years, investors enjoyed a relatively unbroken bull market in their bond portfolios. Interest rates slowly declined, and investors regularly gained annual positive returns on their investments. During this time, the income produced by these investments also slowly declined. In fact, interest on the 10-year U.S. Treasury bond fell below 


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