Federal Reserve Chairman Ben S. Bernanke is working to keep the U.S. from a recession, or at least prompt a quick rebound, which may disappoint bond investors who are counting on a recession to spur the Treasuries rally. "We're letting go of some Treasuries," said Mitchell Stapley, chief fixed-income officer at Fifth Third Asset Management. "Markets are clearly pricing for a recession. I don't think it's necessarily going to be long or hard or deep."

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