Macro Risk Advisors CEO and Founding Principal, Dean Karnat

The outlook for the year has been lower rates fall, which is part of the reason that equity vol should be overall lower than 2022. So we've seen a significant falling rates fall, but our question became whether it has gone too far too fast. In the near term, medium term the basis is still lower as the terminal rate is nearing despite having reprised higher. The re-acceleration of the economy is the key risk, but money supply is on a downward trend and labor market and rent are all lagging indicators.