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As Fed meets, something's 'amiss' in bond market

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Looking at the bond market in the past week, it might appear from the rising yields that the Fed is getting close to hiking rates.

The 10-year Treasury note yield was as high as 1.93 percent Tuesday, up from 1.78 percent a week ago. The 2-year note yield rose to 0.86 percent, from 0.76 percent last week.

But the view on Wall Street does not reflect these rising yields. Many economists say the Fed is still months away from a rate hike, and fed funds futures show low expectations for a hike this year. Add to that the economic data lately have been softer than expected.