Interest Rate Volatility Looks Super Bullish to Me

Update: Thinking more about this. My hunch is the market is about to take short-term interest rates higher. The Fed typically follows the market to maintain its illusion of control. Thus a conundrum: does it move dovishly and risk turning the inflation crisis into a major political, even geopolitical crisis? Or does the Fed follow the market and make another U-turn back to hawkishness? As a side bar, volatility in the euro has also been rising...