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It’s almost as if bond traders and economists are watching different versions of Janet Yellen’s testimony to Congress this week.

Traders are taking the Federal Reserve chair’s comments over the past two days—that the labor market market isn’t fully healed and inflation is too low—as confirmation that the Fed is very unlikely to raise interest rates in the first half of the year. Economists, including UBS Group AG’s Drew Matus and JPMorgan Chase & Co.’s Michael Feroli, saw in her message reasons to reaffirm their calls for the first increase to come by June.

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