The minutes of the latest Fed meeting show remarkable uniformity among FOMC members.
The narrative that the job market was reaccelerating now seems off base.
I have a few takes on this along with some updated thoughts on how I'm positioning portfolios.
Right now the bias is to sell bonds that get tight rather than ride out the yield.
The huge $179 billion issuance this week is only the beginning.
Stock investors should be paying more attention to Fed policy, less to the 10-year yield.
Short-term, I'm not sure much changes, but it shows a Fed that's perhaps more open-minded.
The recent trend of higher rates and lower stock prices cannot persist.
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