To get rates even lower, we do probably need the economy to get slower.
The market is under intense pressure, and our job is to stay out of the way and protect capital.
This weakness is about lack of demand, not tariffs.
Leave this market? Damned if you do and damned if you don't.
An inverted yield curve and a sharp decline over the last year in the yield of the benchmark 5-year Treasury note are not signs of a healthy market.
Why have things gotten so grim? Oh, let me count the ways.
When it comes to inflation, the Fed may be risking their credibility.
It's ironic. Had the Chinese let Facebook, Amazon, Netflix and Alphabet in, there could have been some massive retaliation for Huawei. But they never did.
My better bet will remain on the cloud until the direction that global business has to move toward changes fundamentally.
We believe the Treasury market will spend the next few months repricing to lower levels.