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Bond investors, worried about persistently sticky inflation, have reduced their exposure to longer-dated U.S. Treasuries ahead of the Federal Reserve's two-day monetary policy meeting this week in which it is likely to hold interest rates steady. The U.S. central bank's policy-setting Federal Open Market Committee is widely expected on Wednesday to keep its benchmark overnight interest rate in the 5.25%-5.50% range for a seventh consecutive meeting. In his press conference after the end of the meeting, Fed Chair Jerome Powell is expected to continue emphasizing an easing bias, although he is likely to show little urgency to cut rates in the near term given persistent inflationary pressures and a still robust labor market.

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