Bernanke evaluates long-term interest rates

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Ben Bernanke, the Federal Reserve chairman, outlined his expectations for the long-term interest rates in the US in a speech on March 1.

If the economy continues to recover at a moderate pace, he said, he would expect long-term rates "to rise gradually toward more normal levels over the next several years".

In the Treasury bond market, he said, this translates to the yield on ten-year bonds rising to around 3% at the end of 2014, and between 4% and 5% in 2017.

Bernanke stressed that, despite an

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