Conditions have rapidly deteriorated. Bad steepening has hit both ends. Rate cuts now close.

Both the Fed and ECB hiked rates this week (in successive days), each claiming inflation is still their greatest threat. German and Treasury markets didn't care one bit, altogether pricing unmistakable deflationary dangers that aren't in the future. They're happening right now. As one consequence, central banks are now priced to turn around into cuts by mid-summer. Maybe even late spring. 

Eurodollar University's Money & Macro Analysis

FRB Chair Jay Powell May 2023 Press Conference
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20230503.pdf

FOMC May 2023 Policy Statement
https://www.federalreserve.gov/monetarypolicy/files/monetary20230503a1.pdf

Western Alliance Bancorporation Issues Statement Disputing Recent Financial Times Article
https://www.businesswire.com/news/home/20230504005831/en/Western-Alliance-Bancorporation-Issues-Statement-Disputing-Recent-Financial-Times-Article

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Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.