I made this hat extra-slouchy, mostly to use up yarn. A nice side benefit is that it fits over my bun. LOVE the rainbow pompom.

This yarn is so cool! It was a blast watching the colors change as I was winding it. As for the self-striping, well, it does not mess around! It was great fun to knit with. I really must get more.

CO 114 sts. Join in round.
Work k2, p1 rib for about 1 1/2 inches.
Next rnd, incr 6 sts even spaced. (120 sts)
Knit until piece measures about 11 inches from CO.
I worked one complete color section in reverse stockinette just for fun.
Begin decreases.
Work on rnd even, placing markers to divide stitches in 4 even sections.
Dec Rnd: k2tog, work to 2 sts before m, ssk.
Repeat from * to * three more times.
Knit one rnd.
Alternate dec and plain rnds until approx half of sts are reduced, then work dec rnd every rnd until 16 sts remain. Break yarn, thread end through, pull tight, weave in.

I’d like the band to be a little tighter--maybe 8 fewer stitches (?) and a full 2 inches of rib.

Unstretched (after wash/dry): 20” around at ribbing, 21” around stockinette