The spread widening was a little muted given the move in rates.

The flattening pressure will continue as long as the Fed is on the move.

They are getting close to where they want rates to be and want to move cautiously over the last few steps to avoid making a mistake.

The upshot of all this is that the next move in rates is still likely to be up, but not until the data give the go ahead.

If you wanted a deep, deep purple, you'd go with polyester. Nylon is more muted.

I'm not sure how much farther stocks can advance given the outlook for rates.