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Mortgage rates have spiked in the US as its Treasury market comes under stress. Similar pain may be felt across the world.
PHOTO: EPA
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There is a structure that underpins almost every major financial decision. It is not on Wall Street, nor in the City of London. It is the US Treasury market – a US$30 trillion (S$38.5 trillion) ocean of government bonds that serves as the world’s financial bedrock.
