In a note to clients, Paul Mortimer-Lee and Bricklin Dwyer of BNP Paribas suggest the Fed has "delivered a very rapid tightening in financial and monetary conditions," and they have dubbed this the "Great Monetary Tightening." The duo says while the Janet Yellen-led Fed has increased its federal funds rate by only 25 basis points, the "shadow" federal funds rate, or "the rate that, using past relationships, would be consistent with the level and shape of rates seen in the rest of the curve" has actually tightened by...
