Today Jerome Powell of the Federal Reserve is testifying in front of the Senate. He is saying that higher rates might be needed to calm inflation. But, looking at the market, while shorter term rates are rising, the longer term 10 and 30 year rates are coming down.
As I have said before, this type of reaction indicates that longer term the market believes that either inflation is coming down or growth is slowing (or both). My bet is still on lower long-term rates 2 years from now. For the right situation we are adding longer term bonds to lock in some interest rates.
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