Get Out of the Way and Let It Rain

 

"Ten-year U.S. yields climbed through 2.75% for the first time since March 2019 as investors priced in the impact of the Federal Reserve’s tightening plan and accelerating inflation. Traders are betting on nine quarter-point Fed rate hikes by year-end, which -- including last month’s 25-basis-point increase -- would be the fastest policy tightening pace since 1994. Short-dated rates in the U.K. hit the highest in more than a decade as money markets ramped up bets on Bank of England rate increases by year-end."

"The Fed last week added aggressive quantitative tightening proposals to its plan for a rapid increase in interest rates to cap surging inflation."