The ED Curve Is Convinced. That's Real Trades.

It's been at least 20 years since I saw any central bank paper come out and show that inflation was a function of rates. Even those papers stopped coming out 20 years ago. So we have this conventional wisdom that we've jacked up rates to what looks like it's going to be about 4.5%. We haven't got there yet, but we're heading there with the ED curve is convinced. It's stronger, by the way, than convinced. That's where buyers and sellers are. Those are the indifference levels. That's real trade. Yeah.