Interest rates markets may take many paths in 2015. My “central” scenario is that the Fed will start tightening this year as projected and the curve will continue to flatten, lifting the long end. 

I don’t much problem with the Fed’s position – all they are risking that they will stop making money on Treasurys at the pace they currently are. But they have no reason to liquidate their holdings in a hurry. They control both the rates and the money supply. 

I don’t have a date the book yet- approaching publishers now.

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