The devil may be in the details, but the dirt is in the data. The question of where we stand in a higher rate environment has been top of mind for quite some time as the rate cut goal posts continue to shift, but one constant in the debate has been the Fed’s commitment to data-dependency. This morning’s University of Michigan sentiment survey revealed an unexpected deterioration in consumer confidence, prompting a selloff in treasuries across the curve. The ‘dirt’ in the data is the worrisome c…
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