Pre FOMC Trade Setup

Something subtle has shifted in US rates: the front-loaded easing the market clung to post-Jackson Hole is no longer the dominant story. Inflation expectations are softening, but growth refuses to crack, and that’s forcing a rethink of where the true terminal lies. There’s a clean way to position for that mis-pricing, but it’s all about waiting for the right entry.

Lets dive into the elements needed for confirmation.