The Doveish Bias in Bond Markets

There's definitely a strong dovish bias in bond markets. And you know, we think that's a bit overdone. But also politically, if there is a crisis tomorrow, would a quantity be using number 15 or 16 or 17? Would that be politically acceptable as a policy response? I find it quite hard to believe that voters would buy that as the only political response. We are in a stagflationary environment. Some countries, even more than others, where inflation is still at double digits. It's not so much about whether central banks would want to cut, but they might not have the ability, the room to cut so much as much as before.