JPM: A clearer market signal of a policy mistake

JPM's strategist Nikos writes about Fed's policy mistake in the latest Flow & Liquidity. Concerns about a policy mistake have broadened. The set up now is different to when we all were talking about the inversion earlier this year, which was basically just accepting higher neutral rates. He points out: "Earlier this year, the inversion in the money market curve was more intense in the 2y to 3y forward part of the curve. The spot to 1y forward spread had been rising steeply, and the 1y to 2y