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UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF …

recent on-the-run bonds, which then become off-the-run once the new bonds are 42 Id. 43 Id. 44 Id. at 64. 45 Id. at 36. 46 Id. at 67. “The term ‘basis point’ is used to compare price and yield. Each percentage point is divided into 100 basis points, or ‘bp.’ A basis point therefore refers to 1/100th of …

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