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Is the Fed a Little Concerned About Recession?
The 10-year yield dropped below 340 from above 350 and we saw some other moves across the curve as well. Is there any chance that the Fed is a little concerned about recession and that's why we're seeing lower rates? That's traders, that's not the fact. The in-depth yield curve that you see is traders hedging and it's not a particularly expensive way of doing it. If you do it on a portfolio approach, it's not too bad.