The Treasury's 30-year bond has outlived its usefulness as a barometer of the overall market, and the 10-year note is steadily emerging as the bellwether issue, market participants say.

The most compelling reason for the switch is that many major industrialized countries, including Japan, Germany, and France, use their 10-year bonds as benchmarks. As fixed-income markets have increasingly become global in scope, Treasury market observers say, the 10-year note is the logical choice for the U.S. bond market.

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