Bond yields should be higher. It’s easy to make the case. I do it all the time. Typically by reference to purportedly “epochal” macro shifts tied to the pandemic and the war(s).
Bond yields should be lower. It’s (fairly) easy to make the case. I do that all the time too. Typically by reference to a purportedly “imminent” recession that’s destined to come knocking once “long and variable lags” finally catch up to us.
So, yeah: I argue both sides of the coin. Habitually. That’s part of it, folks
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