(Bloomberg) -- The bond market is sending a warning to the Federal Reserve: a false step could leave the U.S. bogged down in a disinflationary quagmire well into the next decade.

The Fed has pumped almost $4 trillion into the financial system through debt purchases and kept interest rates near zero for seven years to help push price gains toward its 2% target. Yet break-even rates -- the gap between fixed-rate and inflation-indexed Treasuries -- suggest investors see a growing risk policy makers will drive prices in the other direction if they start raising interest rates next month.

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