There's another bond market signal flashing and it could mean the Fed's about to step in.
The Fed raised short-term interest rates by a quarter percentage point as expected today, with market watchers expecting one more increase this year and three more in 2019.
But there are other bond market signs, too, and the recent rally in bonds at the shorter-term end of the Treasury curve may just be the indicator with the most troubling track record.
In effect, the bond market is telling us that the Fed could be on the brink of making a policy pivot as the economy falters.
Investors are shifting focus back to the Fed's thinking on interest rates, with a PCE inflation update due Friday.