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Long-term treasuries are rallying this morning on a combination of yesterday’s dovish FOMC statement and press conference coupled with a move out of riskier assets on renewed concerns that the coronavirus will have a negative impact on global growth. With the move in US Treasuries, the yield curve (10-year vs 3-month) is on the verge of inverting for the first time since last October as optimism over a global economic rebound has been called into question.