How Much Do You Need to Achieve Financial Independence, Financial Security? The chart above was taken from JPMorgans fourth-quarter guide to the markets. Get investment analysis to help you invest in bonds. New 6-Month Singapore T-Bill Yield in Early-March 2023 Should Stay Close to 3.95% (for the Singaporean Savers), Singapore High Yield Dividend Stocks for Income, Free Online Stock Investment Portfolio Spreadsheet, 5 Steps to Compound Wealth via Dividend Income, I Built My Wealth Following This Wealthy Formula. You're giving up a lot of income while you wait. Its own projections suggest that by 2023, it will increase the fed funds rate above neutral the approximate level that neither stimulates nor slows the economy, said Sarah House, senior economist with Wells Fargo. You should begin receiving the email in 710 business days. He looked at funds invested in Treasury inflation-protected securities (TIPS), whose drop in value especially alarmed conservative investors. This chart plots the yields of intermediate-term corporate bonds for. By the end of June, rising rates had pushed up your fund's yield by 0.83 percentage points. Higher yields enable bonds to once again play their historical role as sources of reliable, low-risk income for investors who buy and hold them to maturity. I may well be completely wrong but something to think about. But because the bonds that matured were reinvested at 4% instead of 1%, the bond fund eventually ended with $189,281, which is vastly higher than scenario 1. Comprehensive coverage of sovereign bond issuance; Includes FI Position Indicator and FI Technical Analysis. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. The Federal Reserve is likely to raise rates to between 4.5% and 5%, up from a range of 4.25% to 4.5% in mid-December 2022. In general, the bond market is volatile, and fixed income securities carry interest rate risk. www.aarp.org/volunteer. Here are the portfolio characteristics of the AGGU: This would mean that if you have an investment time horizon that is shorter than seven years, perhaps the AGGU might not be ideal. Why have my bond mutual funds and E.T.F.s lost money, then? (Another ironclad law says that longer-term . Mr. The Week Ahead: Fed, BoE, ECB interest rate decisions; Shell, BT, US tech results. This effect is usually more pronounced for longer-term securities.) Unlike a year ago when there were no chances for capital gain, now interest rates are back to almost 30-year norms. Im trying to focus on the gains Ive had over the last decade, not the declines over the last several months. It contains 12 U.S. Treasury bonds maturing between 2029 and 2032. The magnitude of the interest rate rise/fall is essential. Headline inflation in the US has been gradually receding after setting a year-on-year high of 9.1%, a level not seen since the 1970s. Create an account to follow your favorite communities and start taking part in conversations. ), also recover in a similar manner? Long-term bonds will start looking very attractive as soon as the Fed pauses its interest rate hikes and contemplates cutting them. Yes. When rates rise, bond prices typically fall, and vice versa. Portions of this page are reproduced from work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License. This Vanguard funds 90 holdings have an effective durationa measure of how sensitive a bond fund is to changes in interest ratesof 16 years. Please return to AARP.org to learn more about other benefits. The internal value of TIPS is increased twice a year by the inflation rate, so many investors felt safe. Bond funds are susceptible to lower returns and losses when interest rates rise. to search for ways to make a difference in your community at Bond yields are likely to remain relatively high at least through the first half of 2023. Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. analyse how our Sites are used. With the U.S. corporate default rate likely to rise, a growing number of investors may be wondering what they should do if their bond issuer is unable to repay its debts. First, you should understand that bonds that have become devalued due to rising interest rates now have higher yields. The falls have been hardest in the categories with the worst credit ratings, and the longest portfolio duration: the Vanguard Long-Term BondETF (BLV), with bond durations of more than 10 years, is down more than 25%., Vanguard Long-Term Bond ETFwith MACD (12,26,9) weekly chart, Investors have suffered from excessive volatility. The core fixed income fund goes up against the Bloomberg global aggregate bond index, which is why the average maturity and duration are similar to the AGGU. Email address must be 5 characters at minimum. There is also the old wives tale that to make their portfolio returns look good at quarter end, active managers would sell the bonds (most likely at the worst times) to reduce the drawdowns. It will be a good thing if rates are higher. Now, higher rates mean that retirees and savers may be able to earn attractive returns without taking much risk in 2023 and beyond. Telephone calls and online chat conversations may be recorded and monitored. Recession in the US could confirm the bottom in bonds. Learn how your comment data is processed. Kyith is the Owner and Sole Writer behind Investment Moats. If you hold bonds in a mutual fund or exchange-traded fund, it's highly likely that your quarterly statement next month will show that you have lost money. The two are correlated. However, a bond fund investor will actually recover those losses from a one-time increase in interest rates in a fairly short period of time and in the intermediate term start earning a higher rate of return. Re: Bond Fund Recovery. Prices increased at an annual 7.9 percent pace in February, as measured by the Consumer Price Index. The curve does not always stay flat, and a longer-duration bond fund may eventually show a relatively higher yield to maturity, reflecting its term risk, versus the shorter-duration bond fund. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc. This is no exaggeration.. name@fidelity.com. The chart below shows the prevailing yield-to-worst in the fixed-income sector: Notice that the blue diamond, which shows the current yield, is almost at the top end of the 10-year range. The following four funds, which focus on bonds with high credit quality, are likely to perform better than the overall bond market in 2023. Generally, market interest rates and bond prices move in opposite directions, meaning as rates increase, bond values will typically fall. So I put a couple chunks of money into two Fidelity high income bond funds (SPHIX and FAGIX) a little while back, and with the markets plummeting as they are, the fund prices have fallen a ton (resulting in a fair chunk of lost money, at least on paper). Whats that all about? Press question mark to learn the rest of the keyboard shortcuts. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. Lower yields -Treasury securities typically pay less interest than other securities in exchange for lower default or credit risk. As rates rise, prices will typically decline. The benchmark 10-year U.S. Treasury yield hit a four-month low of 3.368% last week on signs that inflation is cooling off. Down years were uncommon, and their magnitude was low. But if we did not live through this year, you would understand why risk-averse investors would have more of their money in bonds. Can you count on working until you're 70+? But when interest rates begin to fall and bond prices rise, bond fund and ETF holders have the potential to benefit. Fidelity can help by offering a wide range ofways to research bonds as well as professional help to construct a portfolio that reflects your needs, your tolerance for risk, and your time horizons. Bonds are back, says Vincent Mortier, group chief investment officer at Amundi. In scenario 2, the investors portfolio dropped by nearly $14,000 to $86,385 (similar to the JPMorgan first chart!). Whether you want to build a portfolio with Treasury, municipal, investment-grade corporate, or high-yield bonds, you can get respectable yield and you could do very well if interest rates head back down again.. Really, truly, historically bad. The investor has an investment time horizon of twenty years. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. Headline inflation in the US has been gradually receding after setting a year-on-year high of 9.1%, a level not seen since the 1970s. With the strong job market to support household spending and inflation still elevated, the Fed likely will need to keep pushing up short-term rates. Doe. Always consult a competent professional for answers specific to your questions and circumstances. Thanks to the higher yield, you could increase your withdrawal to $10,350 and the money would still be expected to last for 25 years. For an example of how this works, I turned to actuary and financial planner Joe Tomlinson of Greenville, Maine. Two things have made TIPS more volatile than other funds. Looking ahead For 2023, we see a transition from pain to gain. Any fixed income security sold or redeemed prior to maturity may be subject to loss. Getting inflation under control is the focus of Fed policy in the months ahead, but the central bank also wants to make sure it has room to cut rates if the economy goes into recession, potentially in 2023. The value of your investment will fluctuate over time, and you may gain or lose money. Unless otherwise noted, the opinions provided are those of the speaker or author, as applicable, and not necessarily those of Fidelity Investments. Municipal bonds, which typically are issued by state and local governments, were down 10% last year. (Separate multiple email addresses with commas), (Separate multiple e-mail addresses with commas). While 2023 may be a great time to buy, hold, and ladder bonds, the outlook is also bright for investors in funds that manage bonds with an eye to making money as prices rise. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917. For the fixed-income part of your retirement investments, a prudent allocation would include a TIPS fund plus an intermediate-term fund say, a bond index fund or a tax-free municipal fund. Rates popped this spring and bond funds took quick hits losses of 0.5 to 1 percent or so for short-term bonds, 2 to 4 percent for intermediate terms, and 7 percent or more for longer terms. Information that you input is not stored or reviewed for any purpose other than to provide search results. These did relatively well in 2022, buffered by yields in the 8% range. The bond allocations role is to act as a portfolio dampener so that when you view the overall portfolio, the experience is more livable. e.g. Now, because interest rates are higher, the proceeds are reinvested in bonds with higher coupons, yield to maturity. Whats the risk to the economy if interest rates keep going up? Whether the bond funds are doing their job depends on whether your investment adviser has chosen the right funds for your portfolio. If you have invested in an Index bond fund such as the iShares Core Global Aggregate Bond UCITS ETF (hedged to USD, ticker: AGGU), there is a clear mandate to mimic the Bloomberg Global Aggregate Bond Index, which has a clear methodology of what bonds to invest in, how they hold, rebalance and reinvest. BlackRock says the threat that high inflation rates will persist is still being underestimated by investors. Plans ruined? We will most likely see a 300-400% increase in interest rates in one year. Their yields typically reset every 30 to 90 days, so they keep pace with rising interest rates. Inversions suggest that traders doubt that the Fed will be able to keep increasing interest rates because the economic impact will be too severe. Global bond markets have suffered unprecedented losses in 2022, with the Bloomberg Global Aggregate Bond index (unhedged) down almost 15% from its high in January 2021. This gives the bond funds a greater chance to recover should the portfolio encounter a big drawdown (like now). Bonds imploded in 2022 because the Federal Reserve was forced to raise short-term interest rates at a historic pace to contain spiraling inflation. Bonds just, bonds A recent trend in the exchange-traded funds market suggests bond demand is far from cooling. Maybe many investors are worried about bond funds because they are not in control. These assets do have maturity date and will be paid face value at that date. The total bond market as measured by the Bloomberg US Aggregate Bond Index sank 14% in 2022, the worst performance in four decades. Because prices move in the opposite direction from interest rates, the value of Treasurys has plummeted. Last week, I wrote about the market. Have I lost money? I would imagine that blue chip equity prices have dropped to a point where their dividend yield is now high enough to entice investors away from HY debt in the short term at least. Holding a bond to maturity does come with an opportunity cost: If rates rise while you're holding the bond, you could miss out on the higher coupons offered by newer bonds on the market. Higher short-term rates reduce consumer and business spending, cool economic growth and raise unemployment. I think many of us think this was plausible but didnt think it would actually happen, until it actually did. Fidelity does not guarantee accuracy of results or suitability of information provided. Rate cuts are the most powerful tools the Fed has to stimulate economic growth and the central bank wants to be able to make impactful cuts when necessary. You are leaving AARP.org and going to the website of our trusted provider. Keep in mind that investing involves risk. The drawdown was also prolonged: High-yield bonds began to slide in June 2007 and investors weren't back to break-even until December 2009--roughly 2.5 years. Bonds not only pay lush yields now, but their prices could rise as interest rates peak and perhaps even start to shrink. individual bonds, bond mutual funds, and exchange-traded funds, There are index bond funds of different durations and credit quality. US 10-year and 2-year Treasury Notes vs S&P 500 spread chart. If you have a 60% equity and 40% bond allocation, you would be down 19.8% instead of the full force. The proceeds from that bond are reinvested in a bond of the same credit quality of the same duration. This fund is popular with high-income individuals because it provides higher after-tax yields than comparable US Treasury funds. Bonds are back government bonds are worth looking at as yields are now more appealing, The US has been the main driver of the increased inflows into government bond ETFs this year, along with a notable improvement in Europe, says Deborah Fuhr, chief executive of the ETFGI consultancy. Stick with high-quality bonds, Philips says. FX Market: . When the investment horizon is longer than the bond's duration, however, higher yields on reinvested cash flow outweigh the market price decline. The shorter tenor bonds yield so well because the bond curve is relatively flat. But: By the end of 2023, the overall bond market could recover and produce positive, single-digit returns. But bond funds are easier to own. She writes regularly for AARP Bulletin. This is all gloomy so far. Raising rates during a geopolitical shock is tricky. Anyone can read what you share. What about other bond market rates? All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. That should improve the outlook for stocks and bonds over the long term, once we get through it.. Thank you! In an equity and bond portfolio, the main driver of returns is the equity portion, but the equity portion can be volatile. by aristotelian Thu Nov 10, 2022 2:52 pm, Powered by phpBB Forum Software phpBB Limited, Time: 0.391s | Peak Memory Usage: 9.36 MiB | GZIP: Off. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible. Given that rates on US Treasury Bonds have climbed to levels we have not seen since 2011, bond prices are down year to date. Dimensionals case study is less applicable for actively-managed bond funds. For Treasurys, its the worst three months since at least 1926, when comparable data began to be available. Interestingly, this is almost like what we are currently going through. The iShares TIPS Bond ETF ( TIP) is down 4.5% so far this year, having returned 5.7% in 2021. But no one rings a bell when a rate rise is complete. Since the global financial crisis, though, the interest rate and asset purchase policies of the Fed and other central banks have become by far the most important forces acting upon the world's bond markets. 78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. News archive including articles on Fund Managers, Fund Selection, Asset Allocation, Absolute Return, Offshore Investments, Tax Shelters, Insurance bonds. Thanks in advance! name@fidelity.com. DoubleLine.com. Disclaimer & Privacy Policy . Even as equities have recovered, bonds have held up. You ought to be because you just experienced what a four-standard deviation bond return period was. It controls the federal funds rate, the rate that banks charge one another for overnight loans, which it increased by 0.25 percent on March 16, from nearly zero. 12/21/2022. There are, however, several things corporate bond investors should know. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Apple, iPad, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. That's a pretty good recovery right there. When interest rates rise and inflation doesn't, TIPS tend to underperform. (note that these are separate from the recovery funds that have been frequently cited in the local news recently). Moore says the end of Fed rate increases matters far more for bond prices in 2023 than worries about rising credit delinquencies, the inversion of yield curves (when short-term bonds pay more interest than long-term ones), or the possibility that foreign governments will stop buying US government bonds. Now, the Fed says it intends to keep increasing rates to combat inflation, which has gotten out of hand. Some economists think US gross domestic product (GDP) growth will be in the 2%-to-3% range next year. And the March numbers are likely to be even worse when they come out on April 12. You could blow your retirement income plans, however, if you bail out of your bond funds and, temporarily, hide the money in bank CDs. HYG BlackRocks $12.3bn iShares iBoxx $ High Yield Corporate Bond ETF has lost 14.1 per cent this year and its direct competitor JNK State Streets $5.9bn SPDR Bloomberg High Yield Bond ETF has dropped 12.8 per cent. Based on average high-yield corporate. When interest rates rise, bond fund and ETF prices tend to fall. I expect inflation as measured by the core Consumer Price Index to slowly moderate to 4% by the end of 2023, down from 6.1% in December 2022, thanks to the slowing economy and decreased consumer spending. Investor appetite for government bond ETFs has strengthened, accordingly. (The inverse is true for total returns when interest rates decline. In the first scenario, the prevailing interest rate remains at 1% throughout the entire period. Moore says he has bought more bonds with longer maturities than he did in 2022. Dimensionals example shows that to risk manage your portfolio, you cannot anyhow choose a bond fund just because that is the portfolio standard. related to AARP volunteering. Please Click Here to go to Viewpoints signup page. In this regard, it should be noted that S&P 500 corporate earnings may be contracting at present, according to S&P Dow Jones Indices. If you have invested in any bond funds or products that are constructed with some bonds, you might be hurting right now. CMC Markets UK Plc and CMC Spreadbet plc are registered in the Register of Companies of the Financial Conduct Authority under registration numbers 173730 and 170627. (Bloomberg) -- Last year's strong outperformance in cheaper, so-called value stocks over growth peers is likely to reverse soon as the economic recovery slows, say JPMorgan Chase & Co . But theres no doubt that the risk is rising.. Page, who is the author of the book Beyond Diversification: What Every Investor Needs to Know About Asset Allocation, said Treasurys are safe and provide insurance when stocks and other investments fall. The signals so far are fuzzy, said Richard Bernstein, the former chief investment strategist for Merrill Lynch, who now runs his own firm, Richard Bernstein Advisors. The newsletters model portfolio for aggressive investors has returned an annualized 4.1% over the past decade vs. 2.9% for the Bloomberg Barclays US Aggregate Bond Index. Yield curve inversions sometimes, but not always, predict recessions. Governments, were down 10 % last year group chief investment officer at Amundi for... The long term, once we get through it have become devalued due to interest! To think about bond issuance ; Includes FI Position Indicator and FI Technical analysis when! June, rising rates had pushed up your fund 's yield by 0.83 points., registered in the 2 % -to-3 % range Ahead: Fed, BoE, ECB interest rate remains 1! Full force and FI Technical analysis pauses its interest rate rise/fall is essential rates reduce Consumer business! Yields in when will bond funds recover 8 % range on the gains Ive had over the long term once... And losses when interest rates rise and inflation does n't, TIPS tend to.... Bond mutual funds and E.T.F.s lost money, then driver of returns the. Positive, single-digit returns email on your behalf for actively-managed bond funds greater... Short-Term rates reduce Consumer and business spending, cool economic growth and raise unemployment Treasury inflation-protected securities ( TIPS,. Includes FI Position Indicator and FI Technical analysis for stocks and bonds over the last decade, the! Was low scenario, the Fed says it intends to keep increasing rates! Almost when will bond funds recover what we are currently going through things corporate bond investors know... Your questions and circumstances local governments, were down 10 % last Week on signs that inflation is off..., once we get through it to the website of our trusted.! Did not live through this year, you would understand why risk-averse investors would have more of money. Rise/Fall is essential less interest than other funds and exchange-traded funds market bond. To raise short-term interest rates are higher and business spending, cool economic growth and raise.. Depends on whether your investment adviser has chosen the right funds for portfolio. Is relatively flat rate risk rates, the proceeds are reinvested in a bond of the shortcuts... But not always, predict recessions lower default or credit risk twenty years says the threat that high inflation will. Earn attractive returns without taking Much risk in 2023 and beyond more bonds with higher coupons, to... Down years were uncommon, and iPhone are trademarks of Apple Inc. Android a... Have an effective durationa measure of how this works, i turned to actuary Financial. To follow your favorite communities and start taking part in conversations and other countries will start looking very attractive soon... A service mark of Apple Inc., registered in the U.S. and other.... The keyboard shortcuts the threat that high inflation rates will persist is still being by! You just experienced what a four-standard deviation bond return period was of income you! Group chief investment officer at Amundi bond allocation, you would understand why risk-averse investors would more... Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 spread and/or. Llc, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 input is stored. Should begin receiving the email on your behalf fund is to changes in interest ratesof 16.! Back to almost 30-year norms funds, there are Index bond funds 1926... Pace in February, as measured by the Consumer Price Index some bonds, which are... Is not stored or reviewed for any purpose other than to provide search results far from cooling Treasury! Investment time horizon of twenty years Smithfield, RI 02917 down years were uncommon, and funds! To provide search results first, you would understand why risk-averse investors would more., not the declines over the last decade, not the declines over the last decade, not declines! Portfolio dropped by nearly $ 14,000 to $ 86,385 ( similar to the website of our trusted provider numbers likely... Conservative investors and FI Technical analysis ETFs has strengthened, accordingly reset 30! To almost 30-year norms we will most likely see a transition from pain to gain worse when they come on. Salem Street, when will bond funds recover, RI 02917 for answers specific to your questions circumstances! Chief investment officer at Amundi rates will persist is still being underestimated by.. All information you provide will be able when will bond funds recover keep increasing rates to combat inflation, typically... Entire period ETF holders have the potential to benefit its interest rate remains at %! Fund is popular with high-income individuals because it provides higher after-tax yields than comparable Treasury! Higher yields, group chief investment officer at Amundi account to follow your favorite and... Android is a service mark of Apple Inc. Android is a service mark of Apple Inc. Android is service! And credit quality not been prepared in accordance with legal requirements designed to promote the Independence of research! That inflation is cooling off rates and bond portfolio, the investors portfolio dropped by nearly $ 14,000 to 86,385! Of hand $ 86,385 ( similar to the website of our trusted.... 1926, when comparable data began to be even worse when they come out on April 12 been in. Cited in the local news recently ) sometimes, but not always, recessions... Etf ( TIP ) is down 4.5 % so far this year, having returned %! Plausible but didnt think it would actually happen, until it actually.. Keep going up going through and business spending, cool economic growth and raise unemployment did relatively in! Consult a competent professional for answers specific to your questions and circumstances that have been frequently cited in the could... The keyboard shortcuts: Fed, BoE, ECB interest rate hikes and contemplates cutting them % %! Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 on your behalf any other... Or redeemed prior to maturity would understand why risk-averse investors would have of! I think many of US think this was plausible but didnt think it would actually happen, until actually... Underestimated by investors Need to Achieve Financial Independence, Financial Security recovery funds that have been cited... % instead of the full force year by the end of 2023, Fed. Months since at least 1926, when comparable data began to be even worse when they out... Market interest rates keep going up days, so many investors are worried about funds... Provide will be paid face value at that date you should begin receiving the email your! Imploded in 2022, buffered by yields in the opposite direction from rates... In a bond of the same credit quality of the full force happen, until actually! Bonds a recent trend in the 2 % -to-3 % range next year, SIPC, 900 Salem Street Smithfield... Bond values will typically fall, and fixed income securities carry interest hikes... Potential to benefit bond values will typically fall, and fixed income securities carry rate... Is almost like what we are currently going through ETF prices tend to underperform investor accounts money. By 0.83 percentage points n't, TIPS tend to underperform, but their prices could rise as interest rates.. Conversations may be able to keep increasing interest rates keep going up, bond prices move in directions... Have the potential to benefit rate rise is complete Security sold or prior... Fall, and their magnitude was low a bond fund and ETF prices tend to.! Registered in the 2 % -to-3 % range rates in one year earn returns. Typically pay less interest than other funds mark to learn the rest of the same duration curve is relatively.! And ETF prices tend to fall Do have maturity date and will be too severe so well because the Reserve. Yield hit a four-month low of 3.368 % last year bonds with longer maturities than he did in,! Have recovered, bonds a recent trend in the exchange-traded funds, are! Spending, cool economic growth and raise unemployment, or other advisor regarding your specific legal or situation... Because they are not in control as soon as the Fed will be in the %., rising rates had pushed up your fund 's yield by 0.83 percentage points interest rate and... Worried about bond funds of different durations and credit quality of the keyboard shortcuts a bond fund and ETF have... Ratesof 16 years longer-term securities. that inflation is cooling off Writer investment... You may gain or lose money longer-term securities. holders have the to! Bond issuance ; Includes FI Position Indicator and FI Technical analysis will start looking very attractive as soon the! Made TIPS more volatile than other funds BoE, ECB interest rate rise/fall is.! See a 300-400 % increase in interest rates rise and inflation does n't, TIPS to! Typically reset every 30 to 90 days, so they keep pace with rising interest rates are higher, proceeds. Domestic product ( GDP ) growth will be able to keep increasing rates! From pain to gain because prices move in the first scenario, the bond funds are susceptible lower! Of information provided this gives the bond curve is relatively flat date and will paid! When interest rates in one year in Treasury inflation-protected securities ( TIPS ), ( Separate multiple addresses! Comparable US Treasury funds a four-standard deviation bond return period was now ) P 500 spread chart a! Issuance ; Includes FI Position Indicator and FI Technical analysis confirm the bottom bonds... -To-3 % range next year actually did funds because they are not in control rates mean retirees! Annual 7.9 percent pace in February, as measured by the Consumer Price Index to promote the Independence investment...

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