The Fed Targets a Higher Inflation Rate

The most likely scenario is Treasury 10-year nominal yields to stay between 3% and 4%. But I think there is a scenario where the Fed starts to target a higher inflation rate, something like 3%, not 2%. A lot of the inflation is more structural. So for example, de-globalization, we're seeing the demographic turn unfavorable as well. It's possible, but unlikely, that it goes to fibre or higher.

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