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If the Fed wants to hold yields down, they will have to actually do something. They made numerous statements, but any actual action was missing from the pronouncements.
Now yields have surged overnight, with the 10-year Treasury at 1.73%, which is back 24 basis points from yesterday's close. We are verging on last year's high yield, which was 1.88% on January 2.
The Fed's bet on a rapidly growing economy is just that, a bet. Higher interest rates will not help this wager. Inflation may be one cause of higher rates, but it's just the easiest to blame.