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The chart below, provided by Jeffrey Rosenberg, head of credit strategy research at Banc of America Securities, shows that an increase in interest rates this year could be bad news for high-quality corporate bonds. Historically, rising rates have been good for corporate bond spreads since they indicate an improving economy. But fundamental changes in the fixed-income market may alter the relationship for the highest-quality issues and lead to widening of spreads on those bonds in the second half
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