11/21/2022
I chuckled, when I read the headline
"They've also all acknowledged that such a stance involves economic pain and that is a requirement of these sorts of policy actions. In fact, they will be measuring their success in the form of a moderate amount of economic pain. In other words, they want to see unemployment move slightly higher and spending move slightly lower. As perverse as that may sound, they feel the economic pain that would result from unchecked inflation would be significantly worse."
There's no question that last week was an exciting one for rates. On Wednesday, the average 30yr fixed was fairly close to the highest levels since 2002. The following afternoon, it had fallen more than half a percent to the lowest level in nearly 2 months--the biggest single day drop on record....
