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Bond investors face fundamental market changes

Fixed-income investors in the US are coming to terms with a new reality in which recent policy moves to stabilise markets could reshape market fundamentals in the years ahead. "When the dust settles and we look at where we are in terms of the Fed's balance sheet, interest rates and outright Treasury debt outstanding, it's going to paint a fairly bleak picture in the long term," says TCW Group portfolio manager Bryan Whalen.

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