Daily Market Color March 22, 2022Another Day, Another Sell-Off Rates climbed yet again across a steepening curve, setting more multiyear highs in the process. Today marked the 9th day out of the last ten trading days that rates ended higher- 5-year rates now sitting over 80 bps over where they started the month. That said, the day was mostly light on economic data and Fed speakers. San Francisco Fed President Mary Daly believes the “main risk” to the economy is rising inflation. She echoed Fed Chair Powell’s comments from Monday, adding, “Even though we have these uncertainties around Ukraine, and we have the uncertainties around the pandemic, it’s still time to tighten policy in the United States.” While Daly is penciling in multiple rate hikes this year, she believes the US will still not be able to reach the Fed’s target inflation level of 2% by year-end.