00:00Do you see that we'll see a significant pullback in some of those yields?
00:03Because that seemed to be inflation pricing or pricing in the idea that maybe the Fed would even hike rates
00:09this year.
00:09Yeah, no. And from our point of view, we think pricing in a Fed rate hike here is, I guess,
00:17misguided is a polite way of saying it.
00:20And the reason we feel that way is that if you look at other assets, specifically gold, copper, aluminum, the
00:29metals, which have all plunged in the last week and a half.
00:33Gold obviously was down enormously this morning before stabilizing.
00:37That's telling you that the market really shouldn't be that convinced that this is going to be a strictly inflationary
00:45shock.
00:46In 2008, the oil price spike was, you know, patently deflationary and recessionary in 2023.
00:54Once we got past 2022, it was transitory. It's an open question.
00:59And for us, both on the short end and the long end, we do think there's relief in sight.
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