Three developments stand out from last week. First, all five G10 central banks that met delivered in some form of hawkish holds. The Bank of Japan was the least convincing and the swap market barely changed the extent of the anticipated tightening this year. The year-end projection rose by about 22 bp in Canada, 19 bp for the ECB, and 15 bp for the Bank of England. The projected year-end Fed funds rate rose by about 10 bp, but the Fed is the only major central bank where the market is still pricing in a chance of a cut (albeit small). Second, many pixels have been used to explain the implications of the three ... (full story)