-
Rates Spark: Feels a bit like a hike, for US bonds
Our detailed Fed note is here. We won't re-hash it. Instead, here are a few additional observations. First, it is interesting that Stephen Miran was the only dissenter. It seems to us that this could be a purposeful decision on the part of the rest of the FOMC to show some support to Chair Powell, and, indeed, as an implicit act of support for Fed independence. Maybe we're reading too much into this, but if true, that's a positive messaging. Second, while Chair Powell has pointed to weakness in the labour market, it's clear that there is quite some confusion on where exactly we are on the labour market. In particular ... (full story)