The Fed Is in a Tough Position

The market is pricing up some of the rate rates, but still, I think a lot of most of them are still there. The yield curve has flattened out to the point where the seven and 10 year are actually touching each other during various days. So it's really good indication that the market thinks that the rate hike cycle is going to be pretty shallow. It was also close correlation between Euro dollar futures and longer term treasury spread in June 2018 as the long term spread started to flatten.