TRA Macro Tracking Index

The bond market is waking up, and it's unhappy. Yields are rising (along with modest dollar appreciation), but this seems different. The market is looking at the Fed's meeting this week for another rate cut. And then at the end of Powell's term, the market appears to also be pricing in the prospect of a more political Fed that will keep rates low, or at least lower than the markets would like. That could cause yields on debt like the 10 year treasury to rise higher. Inflation seems to be back on everyone's mind once again, and as the markets see it today, they are pricing risk higher to match inflation expectations.

Stay tuned as we unwrap this week's news as it happens!