How Worried Should Investors Be About an Inverted Yield Curve?

Joseph, why is it your view that the Federal Reserve will hike much more than the 3.2% terminal rate? I've heard you say that you think the 10 year could go to 4%. But again, my core view is sometime along the way, something's going to blow up in the bottom market just because of QT. This has just been an incredible tightening of financial conditions as measured by the 10 to spread. Doesn't even come close to any of the previous hiking cycles.