00:00How far out is the Bob Michael vision at JP Morgan? Can you get out to Q3?
00:05Or dare I say, model out a fixed income portfolio to $2,000?
00:10$27,000?
00:12You can and you have to.
00:14You can't invest.
00:15A lot of assets without having some view on the short term, the medium term.
00:20And the longer term.
00:22Right now, things look pretty good.
00:24On Monday...
00:25I said that the yield curve looked about as perfectly priced as you could have it.
00:30So does the bond market.
00:31It seems to incorporate reasonably good economic...
00:35activity this year.
00:36It seems to incorporate what we think could be...
00:40inflationary forces coming from both the headwinds of tariffs on spending...
00:45and also the impact of AI.
00:47It's sort of an ideal market...
00:50for bonds, including credit.
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