First the reflex, then the rethink. The fast-twitch rush for risk that jolted markets following the decisive election result and excitement over potential growth-stoking policies gave way last week to a modest retrenchment and reassessment as some tradeoffs and unknowns encroach.
Yields have largely responded to a diminished view of how much and how quickly the Federal Reserve will walk short-term rates down to some version of "neutral" policy. Above-trend GDP performance and the pause in the decline in measured inflation had Fed Chair Jay Powell last week saying policy makers were in "no hurry" to cut rates further . This has left the market pretty evenly split on whether another quarter-point comes in a month, following the total 0.
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