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The Art of Inflation
I was expecting inflation to be high. That is almost unavoidable. But what is sometimes I get blindsided and when people talk about how they will respond to the environment is very different with the art environment. To me, they seem to be very intellectually inconsistent and divergent from each other. And I didn't expect the side guide of the market to shift so close. It's a call a negative predictive power on interest rate futures. Whenever the yield curve goes flat, it means that markets are pricing in two or three more rates being raised by the Fed. The only way we're going to avoid another 'Bonne Bonne' bull market is if prices go up instead of down.