The Fed Will Use the Policy Raise as Their Primary Tool

Inflation is just much higher than we've seen in the past forty years. The key part of this year will be as you go into the second half, when both the fed and the market expects for inflation to come down pretty meaningfully. So i think it's the combination of if they're selling bonds, that means that inflation has not come down as much, and chances are they're also going to be hiking more. And we do have be cognizant that it's all of the major central banks that are walking away from ce and turning to c t in a much tighter time frame than we've ever seen before.