The "Shadow Fed" is designed to make Powell a lame duck and irrelevant. So, pay attention to the person coming next; they matter more. That is why I expect Trump to name his Fed nominee in the next few months (even though they do not take over until May 2026). And if the "shadow Fed" doesn't make Powell a lame duck, Trump will move to fire him. Powell will not leave and sue. The point will be to marginalize Powell in the chaos further to elevate the "shadow Fed" nominee. --- @DLineCap is betting on a massive steepening of the curve as the market prices in rate cuts, because Trump will demand them for the next Chairman, and the long-end will "reject it" by soaring in yield. -- I like it! @TruthGundlach(Jim Bianco)