Since the Fed, the front end of the curve has been the place to watch in markets. The dip on Friday preceded the reversal in risk.
Now we're seeing rates creep higher again, back over 1.20%.
The overall risk picture is still good but I worry that Bostic's talk of a 50 bps hike will fray nerves in the bond market once New York arrives. That could be what sends the front end back to 1.22%.
