The Memo by Howard Marks cover image

The Insight: Conversations – Fighting the Fed with Armen Panossian, Danielle Poli, and Megan Messina

The Memo by Howard Marks

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The Market's Expectations About a Declining Rate Environment

I don't think that the market is taking a very long-term view about this rate picture. The expectation around stability in the economy leading to a declining rate environment is a flawed assumption. So there might be a modest decline in interest rates at some point, but as you're saying, it seems like we've shifted back towards honestly what is probably a more normalized interest rate environment.

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