Bond Market "Sleeping Beast" Could Awaken in Spring - SocGen

"While the "Trumpflation" trade seems to be gradually deflating, recent Fed speakers continue to lean towards two or three more hikes this year, which is not currently priced in," Societe Generale says. 

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There is one caveat to the call -- the looming threat of a government shutdown. The banks says that the odds of a shutdown have declined, but have not completely disappeared. If that happens the bank says the 10-year yield could fall below 2.25%.