“‘ With financial conditions, we’re looking for persistent changes that are material … Longer-term rates that have moved up, they can’t simply be a reflection of expected policy moves from us.’ ”
In other words, the bond market just demonstrated how quickly tighter financial conditions can come unraveled. The moves illustrate the downside of relying too much on financial markets to do some of the Fed’s work, particularly as a way of avoiding future rate hikes.
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