Read the storyFor much of the past two decades, most US government debt was sequestered in the vaults of the Federal Reserve, foreign central banks and commercial lenders that used it as a kind of cash reserve. Trading was quiet. Yields were pinned day after day at rock-bottom levels. Hedge funds, attracted by riskier investments that offered the promise of fatter profits, mostly stayed away. Those days have been brought to an end by the post-pandemic surge in inflation — and fast-money traders are plowing in. Read The Big Take. | 
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