Photo: A trader works on the floor of the New York Stock Exchange in New York on Monday, December 4, 2023. Photographer: Michael Nagle/Bloomberg A trader works on the floor of the New York Stock Exchange in New York on Monday, December 4, 2023. Photographer: Michael Nagle/Bloomberg

Bond traders are growing convinced that U.S. Treasury yields are on the brink of returning to the way they've traded for most of their existence. It's the how, why, and when of the normalization that keeps financial markets bouncing around.

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