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Powell Sh*t The Bed, 10Y Yield Going to 2%

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A surprisingly dovish Powell just disappointed his loyal followers, with a beat around the bush response to the seemingly out of control long end of the curve, and made zero mention of the upcoming SLR exemption. If banks don't get an extension on this, they're going to have to sell treasuries to cover the reserve requirement. 2% here we come!

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