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4min chapter
The Recession Paradox | Alfonso Peccatiello
Forward Guidance
Bonds Perform Flatishly in a Disinflation
Bonds have been kind of flatish for the year. And obviously, 2022 was a huge bear market for bonds. I think it's growth as surprised to the upside as in we entered the year with expectations that non-farm payroll would print flat in a few months,. So you have growth surprising on the upside. Most importantly, you had the Fed, which really fought hard and successfully so in reprising away the market from this idea they would cut very soon.
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