A 38-year-old woman presents with fatigue and dyspnea on exertion. Laboratory investigations show hemoglobin 8.5 g/dL, MCV 72 fL, serum iron 45 µg/dL, TIBC 420 µg/dL, ferritin 12 ng/mL, and reticulocyte count 0.8%. Which of the following is NOT consistent with iron deficiency anemia?

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