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The investment bank says market dynamics have shifted away from the disinflationary boom that ran from 1982 to 2020

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Morgan Stanley $MS is cautioning investors that bond yields may not yet have peaked, pointing to a broader transformation in economic cycles that echoes conditions last seen in the decades after World War II, according to MarketWatch.

The bank said that over recent years, economic cycles have taken on characteristics more commonly associated with the aftermath of World War II.