But governments have also learnt, in a second big change, that intermediate exchange-rate regimes do not work either.

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Rather, it would be the intermediate-term rates such as the 10-year Treasury rate that would rise.

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Moreover, during the three months ending January, the rate of advance in the producer price indices for intermediate products, and finished goods have all accelerated into double digit annual rates of advance.

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Osterweis Strategic Income has more credit risk but lower interest-rate risk (due to shorter average duration) than some intermediate-term bond funds.

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To reduce interest-rate and default risk, Ms. Benz suggests sticking with intermediate-term muni-bond funds with a high percentage of their holdings in general-obligation bonds, which are repaid with tax revenue.

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