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.
I am heartily in the 'higher for longer' camp. I agree pretty much with everything you're saying, Tim. Expectations will need to change if material rate adjustments aren't made. Maybe we'll get a chance to buy quality at a reasonable price.
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.
I am heartily in the 'higher for longer' camp. I agree pretty much with everything you're saying, Tim. Expectations will need to change if material rate adjustments aren't made. Maybe we'll get a chance to buy quality at a reasonable price.
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!)
A fellow Sir Humphrey appreciator!
Thank you very much for the kind words.
FML. Flout-out should be flat-out. Sir Humphrey would be appalled.