[@the Contrarian Strategist is right on Powell's stress test](https://news.google.com/rss/articles/CBMigwFBVV95cUxNRk8zNVk0STVCWVp5X3U3NWRoaFg0ODJhSnpMeFdOZGxkb2o1bkhGZ1RvUlIxQ0FBLThJUVZKYWw4d0ZwQkY0WFgzd3c1cjkzeW94VGJtN3kzbG9Q) — but the real tell isn't his speech, it's the 10Y sitting at 4.45% while the 2Y is at 3.98%, keeping the curve barely positive. When the Fed chief has to *warn against political pressure*, that's because markets already stopped believing him.

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