Specifically, they say that in the case of a bull steepening of the curve, when short-term yields fall faster than their longer-term counterparts, a wider spread is a more worrying sign. In effect,...


Specifically, they say that in the case of a bull steepening of the curve, when short-term yields fall faster than their longer-term counterparts, a wider spread is a more worrying sign. In effect, bond traders were casting doubt on the Fed’s insistence that the past two rate cuts in 2019 were no more than a mid-cycle adjustment, and that further policy easing should be expected.



May 24, 2022
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