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I think the FED may FINALLY be indicating real concern about future inflation caused by all the easing
or creating another bubble.... been there, done that.
Fed will still have to be wary of deficit costs and construction employment but the long end could rise a point and not create any problems.
One point on the spread could make a world of difference.
The Fed is losing money on the long bonds and MBS right now. They have overextended their balance sheet to create an artificial market and are going to be forced to scale back and unwind. I think to mReits are getting past the crisis point.