The Federal Reserve's plan to buy $600 billion of U.S. government debt will result in approximately 86% of the notes it buys coming due in 2.5 to 10 years, making long bonds the bellwether for the market's outlook on inflation for the first time since the 1990s. The 30-year yield increased 0.28 of a percentage point since the Fed announced its plan in early November, which may indicate investors have faith in its plan to avoid deflation.

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