1. The Fed
If the Fed were worried about the rise in longer dated yields, this week's slated speeches would be the time to push back. Powell has his set-piece semi-annual testimony to both houses of Congress (Tues & Wed), while Clarida pops up with two speeches on the "economic outlook and monetary policy" (Wed).
But they won't. The Fed are not worried. They think this is win-win. Either growth really will be as reflationary as the market expects; if it's not, they can just peg the yield . . .
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