If the fed doesn't pivot, bond liquidity dries up as everyone hoards cash to pay down their US denominated debt.

If fed does pivot, it's an admission of defeat and that the offramp for QE must be delayed (or abandoned all together).


It would be really interesting to get @lynadlencontact's thoughts here 

bitcoin

dip buyers emerged to blunt a Fed-induced selloff

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Bulls are anticipating the fed pivot. If fed governors keep talking tough on inflation this rally could be short lived. There's a good chance the bond market dislocation has already done damage that hasn't been revealed yet. If that's the case  it will force a quick pivot