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The U.S. Treasury yield curve steepened on Tuesday with short-term yields falling and long-term yields rising after U.S. President Donald Trump moved to fire Federal Reserve Governor Lisa Cook from the central bank's board.

The 2-year yield was more than 4 basis points lower at 3.685%, while the 30-year yield added more than 2 basis points to 4.911%. The 10-year Treasury yield was less than 2 basis points lower at 4.26%. One basis point is equal to 0.01% and yields and prices move in opposite directions.

Investors bet on lower rates in the near future, but higher rates over the long-term after Trump chipped away at the Fed's independence by announcing the removal of Cook from her position

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