finish the atlanta fed president, rafael bostick, gave the bulls some love in a round table discussion with reporters. he warned that delayed impact from rapid rate hikes might hit the economy soon, and here's specifically what he said. quote: i do think we're in a period now where it is appropriate for us to be cautious. the he, however, said he is fully in the 25 basis point camp for the next meeting, and that is coming up. now, the downer part of the day earlier was colored by interest rates marching to psychologically significant levels. let's put up the 10 and the 2-year. the yield on the 10-year treasury topped 4% this morning and look at it now, it is still at 4-month highs at 4.076. the 2-year yield above 4.9%. by the way, gang, that is a 16-year high. those peaks driven by more strong economic data; namely, from the labor department, right? the labor market. the number of workers collecting unemployment benefits for the first time, first-time jobless claims, fell unexpectedly for the third week in a row, holding below 200,000 for more than two months now. and then continuing c

rafael bostick went out of his way today to write an essay about it. he says the funds rate will have to go up to at least 5.0 25.25% and it will have to stay there. neel kashkari, says we have to slow inflation and so for the rate hikes have not done enough. here's what else he said. >> i'm open-minded at this point about whether it's 25 or 50 basis points. to me what is much more important is what we signal in what's called the dot plot. >> that is certainly true because if you think about it, every three months you get the updated summary of economic projections. that's where the 19 fed officials put in their forecast where they think the funds rate should be to get there. will get higher? the consensus., that's really important question. our economics team is pointing out in today's purchasing manager survey manufacturing is you can see disinflation and goods is slowing. this is not what the fed wants to see. it's the green bar that is prices paid. it's going up again in fact it jumped from 42.5 to 47. the fed does not want to see it moving in that

atlanta fed president rafael bostick today saying policy rates will need to remain at the 5-5.25% level, quote, well into 2024. you guys have to understand, everyone looks at each and every word, right? yes. pronouns, consonants, everything as to what the fed says and the well into is kind of feeling new. well into 2024, that's what bostick says. right now the current target rate 4.5-4.75%, at least that's what the market anticipates. but cracks in the facade starting to show. factory activity losing further momentum in february. ism manufacturing up slightly from january, but it did come in below estimates. so when we say cracks, i'm talking grain stick fractures, tiny. construction spending unexpectedly falling one-tenth of a percent month over month in january. the expectation was to see a build of .2%. and while employment no doubt remains very robust, today general motors announced that it is slashing hundreds of white collar jobs. representatives for the company said it was related though to performance and not cost issues. corporatino showing a weakening picture. let's take you t