(Bloomberg) -- For two of the biggest private holders of Treasuries, bond-market signals in the past week are nothing but noise when it comes to betting on the Federal Reserve.

Goldman Sachs Asset Management and Vanguard, which oversee a combined $5 trillion, say they're taking Fed officials' word that they're on track to raise rates next month. Holding to that conviction hasn't been easy lately for money managers: Market-implied bets on a hike have been whipsawed by the political storm buffeting the White House, and breakeven inflation rates are near the lowest since November.

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