Jeffrey Rosenberg warns the market may be overplaying the initial yield curve flattening reaction. He argues the real hawkish signal may be about the balance sheet, not just rates. Reducing the balance sheet would remove term premium support, potentially steepening the curve. He sees the Fed's role as secondary to strong earnings and CapEx for risk assets.
explicit
implicit
RUT
Oil
Metals
USD
BlackRock
9.5
Asset Manager $10500.00B
Jeffrey Rosenberg 9.5
Asset Manager $10500.00B
Jeffrey Rosenberg 9.5
6/18/2026 12:03:48 AM
ndx
Rosenberg says the Fed's role is secondary to strong earnings and CapEx, implying NDX (tech-heavy) can still perform despite tighter Fed policy.
yields
There's a risk of overplaying the yield curve flattening. If the signal is hawkish on the balance sheet, I'm not sure your reaction is big curve flattening.
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