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Interesting comment from yahoo -—
The yield on the 10-yr treasury bond has dropped from 3.48% Tuesday to 3.21% this morning. That is a significant decline after a strong runup from three weeks ago. Don’t forget, Powell works for the Street and knows he cannot raise the fed. funds rate much beyond 3% at most. He has some wiggle room over the next three months, and if the 10 yr. yield continues to drop and if inflation even drops a bit, he’ll most likely back off rate increases by October. And of course, financing the $30 trillion federal debt would be disastrous if rates stay at or above 3%. Volcker faced a $900 billion federal debt in 1981 when he raised rates to extreme levels to combat inflation. The federal debt is now 31 times that amount. He doesn’t want to tank Wall St. nor face massive debt payments. But in the end, he will salvage the Street if necessary.