The Future of Fixed Income

We've been talking about the recession cycle. We've translated that to an equity market outlook. Let's talk about what it means for fixed income, moving on to page seven of the slide deck. How do we translate this outlook to what comes next in rate markets? Where are we headed? Is the final terminal yield in on the US 10-year treasury? Or what happens next?Yeah, so I think for bonds, this is also a quite tricky setup today. Everyone knows the next move is going to be a steepener. But that's basically been priced into the market already. The forward's already uninverted if you look at two stands forwards.