Do You Foresee a Volckerized Federal Reserve?

We thought that the market was pricing in too high of a probability of strong Fed cuts next year. Those have basically been taken out as appropriate, but we could be in trouble here and the Fed would have to respond putting its dov hat back on. We think we're not likely to enter that regime, but it's certainly possible that we enter a recession. The Fed has to backtrack and send rates right back to zero. This is the big tension right now in a bond market,. particularly on the long end with the 10 year yields at the highest levels going back years and years.