The Fed's Shift to a Mode of Data Dependence

The ultimate unknown in terms of how many rate hikes is the regional banking crisis worth is still left unanswered. This year was always going to be about timing the cyclical resteepening of the yield curve. The magnetism of negative 50 basis points in 2s10s that is becoming increasingly relevant as investors continue to ponder when is the right time to put on a 2s10 steepener.