In my opinion, when trying to determine where yields may be going, one should start at the cornerstone for rates, which is the macroeconomic and Fed landscape. Our baseline case is for the U.S. economy to continue on a modest/moderate growth path, with inflation proving to be sticky but not yet impacted in a meaningful way by tariffs. The Fed is still highlighting the potential employment risks of their dual mandate, but some voting members appear to be throwing some caution for another rate cut this year. ...