Introduction

Joseph Wang, a former Federal Reserve trader for the New York Fed and George Gunkalves, head of Global Macro Strategy at MUFG Securities America. We're going to be talking about the pain in the bond market after an 8.5% inflation print today. Joseph: Inflation erodes both purchasing power for the consumer, but for an investor that is locking in certain cash flows, if you cannot surpass the actual inflation rate, then you're going to have negative returns over the life of owning that security or that bond.