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Financial markets seem to be constantly recalibrating. The economic data is expected to be volatile and that should support the Fed’s patient stance on waiting for enough data to make a clear assessment over pricing pressures and the strength of the labor market recovery.
Inflation expectations are weighing on sentiment, but Treasury yields seem like they may be stuck in a holding pattern a little while longer. The front end of the curve is not moving and since expectations are so high for the US economic recovery, the bond market is still mostly counting on disinflationary forces to win out.