WSJ Fed whisperer Nick Timiraos is out with his latest.

  • a run-up in long-term interest rates might substitute for a further central bank rate hike
  • if the run-up in the 10-year Treasury yields to their highest levels since 2007 persists, those increases could substitute for additional rises in the fed-funds rate.

Timiraos cites Logan's comments yesterday and her shift to a more-neutral stance from her previous hawkish leanings. The market has already sniffed this shift out with only a 30% chance of a further hike priced in for the cycle.