The Fed's Message on Yields

The CME Fed funds tracker is pricing a nearly certainty of a 25 basis point hike that comes after June. The ECB seems fairly bent on remaining hawkish here, and I do think the ECB has a little bit more clearance to continue to be hawkish. This is all about messaging. We may hear a pretty hawkish message. But I still think they're going to have to verbally say we're committed to fighting this.

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