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    Telling Curves: What Bond Yields Reveal About the Markets

    by Wayne A. Thorp

    If you want an idea of which road the stock market is heading down, keep an eye on the curves. Yield curves, that is.

    Yield curves, as we shall see, are graphical depictions of where interest rates stand at any given time. And interest rates can have a significant impact on stocks.

    Interest rates can impact stocks because of three factors:

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