M2 Money growth has been declining since November 2016. And it keeps declining in terms of growth as The Fed has begun withdrawing its monetary stimulus from the economy.
And with the slowing of M2 Money and the increase in The Fed Funds Target rate, we are watching the meteoric rise in the 2-year Treasury note yield, which has doubled since September 2017.
And the 10-year Treasury Note yield just reached its highest level since July 2011.
So like magic, short-rates have been rising!