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Thanks. I will go back and re-read parts of the book. I don't claim to know much about bonds, other than the necessary but not pivitol basic definitions and concepts. Your success dictates you do know something. I've actually never bought a bond, ever, but have continuously invested in equities for about 6 years and on an ad hoc basis the five years prior to that. I do think the fixed income market is seemingly a fascinating place.

One thing that I've found helpful in understanding the "top down" big picture is the free pamphlet (a book, really, over 100 pages) put out by the Fed continuously since the early 20th century, Federal Reserve: Purposes and Functions.
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