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The Tell: Don’t count on Fed standing pat, says Templeton’s star manager Hasenstab

Don’t count on Jerome Powell staying on hold this year — at some point, the Federal Reserve will hike rates again and hammer a Treasurys market unprepared for further monetary tightening.

That’s from Michael Hasenstab, manager of Franklin Templeton’s $34 billion Global Bond Fund, who said that the U.S. economy’s resilience should shake off fears over a looming downturn, giving the central bank room to hike rates again in 2019. Higher rates, in turn, should lift the benchmark 10-year Treasury yield TMUBMUSD10Y, -0.20% above its current range around 2.70%.

“Despite the recent decline in rates, we continue to expect U.S.

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