The Bond Market Isn't Pricing

10-year yields going lower in this environment is not suggestive of a soft landing, anything but it's suggestive of an economy that continues to deteriorate. The back end with two-year yields, in my opinion, probably going to stick here around 4 percent and sort of trend higher. That speaks to an inflation problem that although probably peaked in June, and we've said this for quite some time. Not probably more than almost certain that 9.1 percent prints the highest you're going to see in a long time.

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