Appropriate for rates to reach .50- .75% by the end of the year and further rates „depend on data” Bullard previously talked about a Q1 peak of around .5%, but now he is talking .50- .75% for the end of the year . . . Rates are currently between 3.00% and 3.25%, so it’s 75-75 and not 75-50 as most assume. So it’s a step in a hawkish direction, but he’s a hawk, so it’s not necessarily a move away from the FOMC core, but it’s a start. However, he doesn’t talk about increasing the terminal speed, so I’m not sure how much of a difference 25 bps or so from Feb to Dec will play. Current Yield Curve Inverse Yield Curve The yield curve is a line used to determine the interest rate of a particular bond divided by the duration of the contract…Read this term „nominal inversion” which includes expected inflation , does not indicate recession risk