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What Higher for Longer Means for Bond Portfolios

Released on Tuesday, November 28, 2023BONDS
Since the last FOMC meeting, the data has been really mixed. GDP ( 2.1% vs. 2.2% expected) and personal consumption ( 0.8% vs. 1.7% expected) both came in below expectations and hotter inflation prints. The bond market is painfully adjusting to the new “higher for longer” regime.  The Fed’s QE program kept yields artificially suppressed for way too long. Now that we have QT (or at least the Fed not doing QE), the US yield curve is the most important piece of pricing information in the world

Nancy Davis
Quadratic Capital Management, LLC, Managing Partner and CIO

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