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The Fed's Rate Hikes
The Fed watches the short-term interest rate futures very closely. It also conducts surveys to market participants and asks, so how many times do you think that we're gonna hike? What do you think is in the market? So it tries to create like a distribution as to potential outcomes. And if the market is pricing something that they don't want to communicate or the market is basically getting it wrong, they'll do something about it. We've seen a huge re-pricing on the short end of the curve just looking at the CME implied futures rate.