Rates
- UK 2y up 100bp, pricing a few hikes
- US 2y pricing the probability of one hike in 2026
Waller
- If oil shock is structural and goes prolonged, the FED can't look through this and being forced to hike

Markets Weekly March 21, 2026
Carnage in Rates
Some possible off-ramps
https://youtu.be/nSOdWeueED8

Joseph Wang

Twitter

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