We can bet that they will be one-upping each other about how high they want to take fed funds, the overnight bank lending rate. They seem to want to ignore anything that's succeeded since the Fed's rate increase cycle began back in March. I think that, again, if the Fed were to wait through Christmas they would see the layoffs and the corporate failures. One thing that's for certain, the buyers of the 2-year may be more sensitive to the data than the Fed. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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