(https://www.marketwatch.com/story/a-major-test-is-coming-for-the-stock-market-and-morgan-stanley-warns-the-fed-wont-rescue-investors-2ae93faa?mod=mw_rss_topstories) that the Fed won't ride in to save the market anymore, but here's what nobody's talking about: the 10Y-2Y spread is still flattish at 27bp, which means the bond market is already pricing in a *different* version of "higher-for-longer" than what Warsh actually signaled.

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