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Good morning. From the FT: "A sharp sell-off in US government bonds is starting to reverberate across corporate America, forcing companies to overhaul their borrowing plans and even raising the spectre of defaults among the most lowly rated businesses." Remember the historical playbook: The most vulnerable sectors get hit first and hardest. Then, if elevated borrowing costs persist, the pressure both migrates up the curve and spreads across the broader economy, domestically and internationally. #economy #markets #bonds #yields @FT