“There is no way the Fed is going to raise policy rates to flatten or invert the curve. This is one reason why, we believe, the Fed pulled forward the timing of its balance sheet reduction from December to September. In doing so, the Fed hopes that some increase in 10-year real yields will create the space for it to continue to raise the funds rate,” wrote analysts at TS Lombard led by Chief U.S. Economist Steven Blitz, in a Saturday research note.
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