Jeff Gundlach of DoubleLine Capital has said the Fed could be replaced by the 2-year Treasury yield, as all the Fed does is follow what the 2-year yield does.

by mark000

HAHAHA……… US central planning committee setting ALL IMPORTANT rate is just a bunch of theater . This only applies to setting the FF rate, still need em to (attempt to, so far successfully each time) bail out the entire global financial system every ~5 years of course. This reality reveals how doomed we are cos most believe these cheerleaders are actually WISE and POWERFUL.
Article: markets.businessinsider.com/news/bonds/bond-market-bluff-fed-interest-rate-hikes-next-year-stocks-2022-12

Here is chart of Fed Rate endlessly chasing the 2Y
fred.stlouisfed.org/graph/?g=XK54