(https://www.marketwatch.com/story/jpmorgan-says-warsh-failure-to-buttress-fed-credibility-may-force-a-rate-hike-before-year-end-e14e5821?mod=mw_rss_topstories) what I've been warning about since early August: Warsh's press conference didn't restore Fed credibility, it destroyed it. The 30-year yield is now at 5.27% — a 19-year high — and that's the market pricing in a rate hike by Q4.

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