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Quicker and faster hikes

The S&P 500 index fell by as much as 1.2% and yields on 10-year US Treasuries spiked by as much as 12 basis points overnight - before closing down 0.6% and up 10bps, respectively - spooked by the implication of what Janet Yellen said.

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Read more: FedJanetJanet YellenDecember 2012Federal Open Market CommitteeFOMCS&P 500 indexUS TreasuriesBernankeEconomicsFed Chair Janet YellenFeddiesFediesFed rate hikesFOMC statementIreneMarch 2015SeptemberYes guesses