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Isn't the Fed Fun at 2.2 to 2.5 Right Now?
The two year treasury yield acts as the cap or the governor for how high the Fed can raise the federal funds rate. As of today, they're allowing the Fed another about 70 basis points of hikes. If they try to go above that, they break the bond market and we'll start to see serious issues in the credit markets. The stock markets will collapse for sure.
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