The Dollar Is Signaling the Fed Is Not Pegged to Fed Funds

I adapted this year by really being 80, 90, 100% cash all most of the year. A couple times I took it out maybe like 20, 30%. When we had a couple of those crazy high volume 567% up moves,. I felt they had to commit a little bit to that. Subsequently, I've unwound almost all of that. The dollar is signaling the dollar is not pegged to Fed funds. It can go wherever it wantsLike intermediate term bonds and long the 30 years like 80 basis points below short rates. Okay, 10 the 10 year is slightly below. All right, the bond market was way above Fed funds way above. And now it's not it