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3min chapter
Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
The Relationship Between Liquidity and the Yield Curve
The two year yield is 93 basis points higher than the 10-year yield. Short term interest rates, the three months, six months are higher than the two years. The flow of liquidity drives the term premia, and it drives the slope of the curve. So what we're suggesting is you're going to start to get a steepening yield curve.
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