Yesterday, Chair Jerome Powell reiterated that the Federal Reserve will tighten monetary policy aggressively to fight inflation, noting that a 50-basis-point hike is on the table for the May Federal Open Market Committee meeting. U.S. stocks, still processing the Fed’s hawkish pivot, are well in the red Friday, with the major equity indexes all down nearly 2%. According to Jared Dillian, “The curve will continue to flatten in such fashion until 2s are at 3% and 10s are at 2% (or thereabouts) and we will have a massively inverted curve at the end of this.” Dillian, editor of The Daily Dirtnap, thinks we’re headed for recession. He joins Maggie Lake for today’s Real Vision Daily Briefing to talk about the bond market, central banking, and the economy. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3s6Xpsb