Federal Reserve Chair Jay (Thurston) Powell (III) essentially said today that the economy is back to normal and The Fed has to get policy back to normal. That is, he hinted at 4 rate hikes this year.
The odds are now at 50-50 of a Q4 rate hike.
On that speech, the Treasury 30y-5y curve flattened to near 50 bps.
Here is Thurston Powell III conferring with Janet Yellen (aka, “Lovey”) about monetary policy.