• ‘No one knows’ when Fed will raise main raite
  • US did not experience usual cyclical demand
  • Performance of economy ‘very disappointing’
  • Labor markets are tightening, spurring inflation

US 10-year yields are flirting with 2.50% once again while the S&P 500 is just a point above the 55-day moving average. Dudley and Plosser aren’t factors in the latest moves.