• The flat yield curve suggests investors are not as convinced as Federal Reserve officials about their ability to continue raising interest rates without harming the economy.
• Steve Blitz of TS Lombard says what really matters for bank lending is the gap between the federal funds rate and the two-year note, which has been widening.
• St. Louis Fed's Bullard: "What we could do is take signals from financial markets that are telling us that we're about where we need to be right now."