Bond Market

Happy Friday, team. I'm Phil Rosen — after a few days cruising the Caribbean (I even spent time in Sam Bankman-Fried's old stomping grounds) it's good to be back.

Good morning. I'm Phil Rosen, writing to you just blocks away from the Federal Reserve building in Manhattan. 

Yesterday on Capitol Hill, Jerome Powell reiterated his warning that the Fed's more than ready to keep jacking up rates if necessary. 

Inflation hasn't gone away as easily as policymakers want, and Powell thinks that may just warrant a steeper policy path. 

He did make clear, however, that nothing yet is set in stone (traders have doubled the expected odds of a half-point hike at this month's meeting).