Is This a Pivot or Not?

The real yields of these bonds are going down. They're indicating that interest rates are not going up, that they are actually in the actual market going down. The thing to watch here is how the Fed will react to the narrative that they're setting versus what is actually happening in the market and what that divergence looks like. And I think the Fed making massive policy errors and moving forward with their silly CPI equals inflation kind of mindset, it's going to wake a lot of people up. So maybe 2023 is the year that that happens.

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