Introduction

The day before the fed rats rates, the market saidwe we're even more confident than ever. You're going to be cutting them soon. And it looks increasingly likely that you're going to have to turn around and reducing rates sooner rather than later. The inversion spreading into the whites is sending because massive leverage fixed income players who are hedging against monetary policy aren't taking enough risk on other side of curve. It's no longer looking at these front two contracts based entirely on factors such as interest rate or inflation. That's what this deep-pocketed financial sophisticated market is telling us now.

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