The Fed's Reaction to the Bank of England

The two year yield reparced from above 5% to as low as 3.6%. It's just kind of saying that whatever we've heard from the FOMC minutes and what we're seeing in the inflation data is confirming the reprising in the front end of the curve. The work of those last few hikes will be done by the title ending standards. That's the message that the market's giving.