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ANDY RAIN/SHUTTERSTOCK
U.S. government bond yields surged Thursday, after foreign governments and central banks rushed to raise interest rates or otherwise support local currencies pressured by the dollar’s strongest rally in a generation.
U.S. yields were largely stable overnight after the Federal Reserve raised short-term rates by 0.75 percentage point for the third consecutive meeting and said more large rate increases are likely as the central bank seeks to quell inflation.