JPMorgan Warns More Hawkish Fed Officials Could Spark Bond Selloff

The significance here is less about Tuesday's move than about the fragility JPMorgan is flagging: the front end is only "fairly priced" if the hawks stay a minority. That makes the range of Fed voices, not the data alone, a driver of curve shape. This matters most for rate-sensitive holders and for anyone using the front end as a stable anchor. The open question is whether the hawkish tone broadens beyond the officials already staking it out, and whether flattening becomes the market's default response if it does.