Former FX trader Mark Cudmore was right. And so were we. Just hours before the Fed's "dovish", "just right" hike sent yields plunging across the curve, Cudmore said the following: Fed rate increases should send Treasury yields up, right? It looks more likely the opposite is going to happen following the expected central bank rate rise Wednesday. We added this: And my, oh my — if that happens and all of the shorts in the belly of the curve have to cover, it would be quite the spectacle.