The Importance of a Trend in Long-Term Bonds

This is a secular trend that's been going on for multi-decades. The next high never beats the prior high. 2018 started to look like rates were about to go. And then that culminated with one of the worst quarters in high yield issuance and credit Issuance. If this were to kind of go sideways, they'll start looking more like the Japanese rates of the early 2000s. It just means that, you know, maybe the bomb bull cycle is over.