TYNS - FOMC Minutes: The New Narrative Takes Shape
Nothing the Fed did Wednesday, or has done up to Wednesday, has changed the curves. Eurodollar futures and USTs, they are both still inverted. The former sharply inverted. The only thing that has changed since early January is the narrative - and not in a charitable way. It is treated as a positive when it is a pretty visible signal about deteriorating circumstances.
Interpretations matter.
Conventional wisdom seems settled on some version of QT. And why not? Foreign central bankers (now former central bankers) were complaining about it all the way back last June! Jay