'Fed is not your friend': Wells Fargo delivers warning ahead of key inflation report (via CNBCFastMoney'
, saying it's a good place to hide out. The note is now yielding 4.5% — a 15% jump since that interview.
His latest forecast calls for three more quarter point rate hikes this year. So, that should support higher yields. However, Schumacher notes there's still a chance the Fed chief Powell could shift course. "A number of folks in the committee lean fairly dovish," Schumacher said. "If the economy does look a bit weaker, if the jobs picture does darken a fair bit, they may talk to Jay Powell and say 'Look, we can't go along with additional rate hikes. We probably need a cut or two fairly soon.' He may lose that argument."
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