https://www.wellscap.com/pdf/expert_com ... n-plan.pdf. . .as the cap moves higher, balance sheet normalization will
likely steepen the yield curve with long-term Treasury yields increasing
by an estimated 10-15 basis points, while short-term Treasuries will
likely experience minimal impact. We expect this to be an issue
starting in 2018 when Treasury runoff reaches $12B/month.
Is anyone aware of other views on the possible outcomes of the tightening program?