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Do You Think the Fed Is Just Not Working?
I do think that the broader trend is that the economy is weakening and that this most recent strength has been partly due to liquidity and the China reopening. So, I am expecting the hot data to continue into March and for yields to start to continue grinding higher. But I don't think it's sustainable. It's still possible that the Fed could even hike 50 in March if we have one or two pretty hot data prints, NFP inflation. The market response there hasn't been as strong as just being no short to front end of interest rate market.