The Fed “got the memo” in a big way it seems, exclaims Nomura's Charlie McElligott, as Committee speakers yesterday grabbed the Rates market by the scruff of their neck and slapped some “inflation hawk” sense into them yesterday (and Jim Bullard today)... {chart} Again, the realities are that despite slowing activity data (ummm that’s the point!), the labor market’s continued strength as per robust ongoing monthly job adds, record-low U-rate and still growing monthly average hourly earnings / record high wage growth all conspires against their “inflation killing” goal - they need to create “demand destruction”... ... (full story)