The Tuesday news from the US featured this:

• Timiraos: Higher long-end yields likely to extend Fed pause

In which WSJ Fed whisperer Nick Timiraos said that the run-up in long-term interest rates might substitute for a further central bank rate hike:

• A sustained rise in long-term Treasury yields could be bringing the Federal Reserve’s historic rate hiking cycle to an anticlimactic end.

I’m not sure how you can call the ructions in the bond market anticlimactic but there you go.

San Fran Fed head Daly repeated that a few hours after:

Fed’s Daly says we have more work to do, inflation is still high

• If bond yields are tight, that could be the equivalent of another rate hike

FOMC done?

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