Fed Widely Expected to Stick to a (Modestly Hawkish) Hold

Markets Core bond yields yesterday staged a further (forceful) bear steepening heading into the Fed, BoC, BoE and ECB policy meetings scheduled today and tomorrow. Markets are growing ever more convinced that a prolonged stalemate in the US-Iran conflict, including blockage of the Strait of Hormuz, will inevitably have lasting consequences for multiple supply chains. […]

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