The Fed Wants the Curve to Uninvert

The Fed has pulled two and a half trillion dollars out of the offshore dollar markets. While I'm raising rates at the same time, which then forced your first Euro bond rates out of the negative. That's why we're finally starting to see the 10 year move back towards 4%. And the markets are starting to finally realize that, oh, we're completely mispriced relative to what we expect the Fed to do. So, and because of that now, now the markets are doing Powell's work for him,.