A Whole of Government Approach

This is an audio summary of our November 30 note, A Whole of Government Approach

Figure 2: The Fed policy proxy curve, the 3-month rate, 18-months forward less the spot 3-month rate, reversed its recent steepening trend as 2-year notes rallied sharply despite little change in near term Fed expectations. The dollar followed 2s lower, this is attributable …