The Markets Are Teasing the Fed

It's crazy if you think about the first of all that the bond market is actually catching up to the Fed instead of the Fed to the bond market which is new for what we've been seeing and this is over the last three weeks. The dynamic about the higher multiple stocks the longer duration equity trades that make no sense in a world where you've gone from 403 to 465 on the two year and you've went from 333 to 383. It's coming to time when we're at almost giddy kind of sentiment and markets all relative to where we've come from.