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The Importance of Inflation in the Bond Market
Bond investors are starting to realize that these higher rates are inflationary. The typical bond investor in the market was all kind of like, Oh, yeah, this is going to be transitory. But when you go back to this number that you published recently for the second half of 2023, $2.1 trillion has to be issued. Like you're at a point now where they don't have the inflation under control. And actually, we might be past the Rubicon, right?