If this persists out the curve, the Fed will have to keep cutting

2-year and 5-year rates have fallen below EFFR again after steepening to +20bps.

If this persists out the curve, the Fed will have to keep cutting ✂️✂️ pic.twitter.com/XTbyxZcBYv

— Eric Basmajian (@EPBResearch) January 23, 2020

Why do you feel the best way to manufacture that is more QE? Rate cuts would steepen the curve faster, it just isn't politically sound ATM.

2-year rates fell below EFFR again. @gamesblazer06 t.co/6neDEGKrh4

— Eric Basmajian (@EPBResearch) January 23, 2020