Is the Fed Underestimating or Sanguine on What Lies Ahead?

The long end may be drifting higher as we move into uren ther there is one question as to whether the market is underestimating or sanguine on really what lies ahead still from the fed. The biggest part of that cocktail that people aren't really factoring in, an i got little play at the press conference, is the quanitative tightening. They started supposedly letting assets roll off the bt balance sheet in ju, but it's been very little. And they're going to get to a full on quantitative tightening of about 65 a billion in treasuries and 30 billion or so in mortgages, or 35, whatever it is, per month.