Bond market players, in attuning their thinking to the impact of a Clinton presidency, have assumed there will be a package of economic stimulus. They fear the package will add to the federal deficit and perhaps induce inflationary pressures.

One result has been a rise in intermediate and long-term interest rates, and a sharp widening in the yield spreads between three-month and 10-year maturities and between three-month and 30-year maturities.

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