Nice write up. The market doesn't seem to worry about the higher 10 year I guess as they see multiple cuts this year. If no cuts happen as inflation is sticky at won't point will the market pivot? My guess is if there are not cuts in September but still a much lower probability than consensus.
Putting aside for a moment the content (which I heartily agree with), allow me to say this is just flout-out well-written (as in, the prose), with quite a few clever turns of phrase. (Not surprised that this is the case, given Sir Humphrey adorns the Stack!)
Nice write up. The market doesn't seem to worry about the higher 10 year I guess as they see multiple cuts this year. If no cuts happen as inflation is sticky at won't point will the market pivot? My guess is if there are not cuts in September but still a much lower probability than consensus.
Putting aside for a moment the content (which I heartily agree with), allow me to say this is just flout-out well-written (as in, the prose), with quite a few clever turns of phrase. (Not surprised that this is the case, given Sir Humphrey adorns the Stack!)