MARKET UPDATE
Jackson Hole
Higher even if it does some damage.
The Federal Reserve must continue raising interest rates AND
HOLD them at a higher level
UNTIL it is confident inflation is under control
EVEN IF unemployment rises
Even though Powell attempted to talk down rate cuts in 2023 the rate market continues to imply rate cuts starting around June 2023 timeframe maybe modestly less cuts than before
10yr 3.1%
U.S. 2- year Treasury
At its …
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