🚨 TERM PREMIUM WATCH: TWO FED MODELS, TWO DIFFERENT STORIES 🚨 Is the bond market demanding more pay for risk, or just pricing more Fed hikes? 🧵 📊 WHAT THE

🚨 TERM PREMIUM WATCH: TWO FED MODELS, TWO DIFFERENT STORIES 🚨 Is the bond market demanding more pay for risk, or just pricing more Fed hikes? 🧵 📊 WHAT THE CHART SHOWS (NY Fed ACM vs St. Louis Fed KW) KW: bottomed near 0.46% in spring, then climbed to ~0.96% by early September, its highest of …