I have no idea what is going to happen today at the Senate confirmation hearing for Jerome Powell. He is going to talk tough on inflation and suggest higher rates based on where the data is, but will probably reiterate they are data dependent and if the data changes – the Fed will change. At this point rates are already reflecting at least three 25 basis point hikes this year. That said, we are going to find out before noon what is really priced into the market.
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