Is the Inversion of the Yield Curve a Sign of a Fed Misguided?

I expect that what will ultimately break is going to be in the real economy. The issues facing external markets are in part a function of the fact that the Fed has pushed back against becoming the de facto central bank to the world. And that has come at the expense of other economies. I think that the market is getting poised for a breakout even more inverted from here. We're looking for... Give me scale. To its tenth of a percent point. What's the number? Negative 75 basis points in two stands, path of least resistance. So we're on the edge of Volcker inversion. It could get as deep as a negative 100 basis points by the end of the year.