16% seems high to me because I don’t think the Fed would want to prick the bubble they’ve re-blown so soon. Especially since the 2 year yield is still on the floor.
Long-term yields bounced, but they’ve pulled back lately. If the bond market were demanding action, maybe. But I don’t see it. 16.4% of da boyz on da CME seez it doe.
At most, maybe they will slip in a little happy talk about the economy in order to sound vaguely firm for the future. You know, standing ready to regulate this “fantastic” economy they’re trying to cook up.
