Earlier this month, I reviewed a model that estimates a theoretical level for the world’s most-important interest rate: the 10-year Treasury yield. In today’s follow-up, let’s consider a second model for additional context.

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* CNN’s Back-To-Normal Index shows US economy close to full recovery
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* China’s currency rises to 3-year high against US dollar
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* US growth cooled in April after March surge via Chicago Fed Nat’l Activity Index: