Fed Rate Hike: Not If, but How High

It is going to be a busy week in the bond market, with the payroll reports on Friday and the Federal Reserve meeting next Tuesday and Wednesday (replete with a press conference and new economic projections). It is almost a foregone conclusion that the Fed will hike, virtually no matter what comes of Friday's report. The real conversation should be around how far the Fed will have to hike this year and next. That is the key driver of how bonds will trade in the coming months. Here are my thoughts on where we stand now and how things might evolve. 

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