The Weekend Debrief · Week 44 · 26–30 Oct 2026
Fewer FOMC meetings and removal of forward guidance re-inflate term premium
Chair Warsh cut FOMC meetings to seven in 2027 and six in 2028 and is phasing out forward guidance, re-inflating term premium. The curve flattened with the two-year at 4.56-4.71% and the 10-year at 4.93-5.00%, leaving about 27-33bp in the 2s/10s spread as the positioning signal.