BRIEF: Consumers are in deep trouble and cut is necessary ASAP.
The Treasury Secretary spoke through the financial media to Jay Powell. He had a very simple message for the Fed Chair: pay attention to the 2s. And Ronald McDonald. It’s not just the Treasury market. If only that was the case, there is also a close relationship – therefore strong warning – coming via the oil market, too. This is already why OPEC is itself shifting to recession economics.