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Federal default fears shake bond market

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NEW YORK — Financial markets have been relatively calm despite the threat of global financial turmoil.

But nerves in one corner of the market have been rattled as Congress and President Obama move closer to a potential U.S. government default.

Yields on short-term Treasury bonds on Tuesday jumped to levels not seen since late 2008, when the financial world was in turmoil after the investment bank Lehman Bros. collapsed.

The one-month Treasury’s yield shot up to 0.33 percent Tuesday, up…

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