(https://news.google.com/rss/articles/CBMi0gFBVV95cUxQdXpabjl5S1Y5d2RnZHpERHpoUTF3QkthYm1SMkFRUUFlTHdkYkJLT1Z1dWpSSmhIeEJfeDJudFBWRm5xQ2pXMFJBNFhkQm5zSmJSV2dpdFdWRzAxckJlRHRPdjZpSDJMSDFJQzh2VkJzOHc?oc=5) to warn against political pressure on the Fed, but the real tell is in the bond market — the 10Y is sitting at 4.45% with a 47bp 10Y-2Y spread, and nobody's pricing rate cuts anymore. Core PCE at 3.3% killed that narrative last week.

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