Warren Pies(@WarrenPies):IMO, the most interesting macro development post-Fed hike has been the (bear) steepening yield curve (from 26 to 53 bps - since 9/17). In a true hike cycle, YC steepening is anomalous. IMO, this is the market pricing in: 1) A two-hike "mini-cycle" AND 2) A higher neutral rate.

Warren Pies

@WarrenPies

Founder @3F_Research | PM $RAA | $FCTE | Formerly with Ned Davis Research | Recovering Attorney (step 4) - Not investment advice

Joined February 2014

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Warren Pies@WarrenPies

2026.10.07 14:14

IMO, the most interesting macro development post-Fed hike has been the (bear) steepening yield curve (from 26 to 53 bps - since 9/17). In a true hike cycle, YC steepening is anomalous. IMO, this is the market pricing in: 1) A two-hike "mini-cycle" AND 2) A higher neutral rate.