While the Fed “contemplates” the next step for monetary policy, we studied post-modern yield curve inversions. But before we discuss our results of our analysis, we cannot resist taking a dig at the July FOMC statement. Seriously, “contemplates its next move” is central bank speak for clueless. Not even our overlords at the Fed believe it’s going to be one and done. Either use stronger language to flag further easing or adopt a neutral posture. It’s therefore not surprising that the post-FOMC market moves haven’t been kind to Powell & Co. And we’re not just talking risk assets, which we will conveniently ignore. Here are breakevens, which have resumed their decline post-FOMC:

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