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, a growing number of market participants say.

The most compelling reason for the switch is that many other 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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