The (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) about forced rate hikes is missing the actual problem. If Warsh capitulates and hikes to restore credibility, the 30-year yield doesn't stay elevated—it collapses on demand destruction.

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