Treasury Yield Curve Un-Inverts Entirely, as Long-Term Yields Rise while Short-Term Yields Stay Put, No Longer Pricing in Rate Cuts. Mortgage Rates back Above 7%

When the Fed cut its policy rates on Wednesday by 25 basis points, it laid out a scenario of higher inflation and higher “longer-run” policy rates, and projected only two rate cuts in 2025, half the rate cuts it projected three months ago. Then, to top it off, people who listened to Powell...