Markets are now bracing for the Fed to stay hawkish for MUCH longer. There’s now a 75% chance of at least 3 more rate hikes by June 2027, while CME FedWatch centers the June 2027 range around 4.75%-5.00%. U.S. Treasury yields are surging across the ENTIRE curve: 10Y: above 5.1%, near 2007 levels 20Y: approaching 5.5% 30Y: hits 5.4% today TLT: below $80 at RECORD LOWS iShares 20+ Year Treasury Bond ETF (TLT) tracks long-dated U.S. Treasuries, so it typically falls when long-term yields rise. At the same time: Dollar Index: above 101 Gold: just above $4,200 USD/JPY: near 159 Strong economic data, higher oil prices, inflation risks and massive capital demand are keeping pressure on rates. The setup is starting to resemble 2022: a hawkish Fed, surging yields and a stronger dollar. No wonder BONDS are going VERTICAL.