TMF - Throwing In The Towel On A 4% Fed Funds Rate

Since I do not do market forecasting, my comments on the actual state of bond markets have been sporadic. I just want to refresh my views, particularly since I have had a recent increase in readership. Although writing a book on recessions obviously skews my thinking, my argument is straightforward: the U.S. Treasury curve is priced so that the next big move is down, and the likely trigger for cuts would be a recession. That recession need not be imminent; if we look at the 10-year (as above), it just has to hit in the

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