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The Federal Reserve is deliberating over its plans for interest rates in the year ahead. Bond investors appear to have already made up their minds about what will happen.

Yields on almost every security offered by the Treasury Department — including debt that’s due in one month or 10 years — have fallen below the Fed’s target range for its benchmark interest rate, known as the federal funds rate.

That means investors expect the Fed to push interest rates lower and keep them there. Only the longest-maturity security the United States government sells, the 30-year bond, is trading above the Fed’s target rate range of 2.25 percent to 2.5 percent. But it is not far off. By late Tuesday, the 30-year bond was yielding 2.55 percent.