The Market's Pricing of the Fed's Interest Rate Cycle

The interest rate market has such a vast array of instruments to select from that you literally can pick a scenario in your head and recreate it digitally. And we don't care so much what the Fed is saying or what the consensus view might be qualitatively, we're very interested in what the market is pricing. The day that the Federal Reserve first hikes in an interest rate cycle where the five year treasury yield is, that's exactly where they're going to cut back to. There's actually 100% accuracy on that historically.