Good morning, my pedigree chums! Happy Monday!

Powell Q&A (Tue) and Clarida (Wed) are my key highlights for the week. Pace of yield rise is picking up, and there is non-zero pricing for a rate hike before the end-2023 (Fed forecasts rates to remain unch through 2023)
This may prompt jawboning on WAM extensions/yield curve targeting policies. Recent minutes made no mention of these, so any discussion would signal discomfort about a) the market challenging the Fed's dovish view, and b) the speed of the move
Sequencing-wise, I always thought it would jawbone/then implement WAM-X first (would help match Tsys' own issuance WAM-X), and save YCT as the 'stick' it needs to slap the market into place if the aforementioned doesn't work.
WAM-X would also probably be more suitable if fiscal plan came in above 1.5trln (giving the Fed cover to make it appear 'purely technical' if needed, to match the tsy issuance profile, or something).
Any way, that's enough serious stuff for now; normal service to resume momentarily... here is a pic of Emrata in a bikini!

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