I don’t think he realizes the Fed is no longer in control of rates. The 2 yr is still trading almost 1% above the fed funds rate after the hike. They need 4 more raises just to match the market. Rates are high because of debt and deficits AND a strong economy.
Although we read a lot of doom and gloom, the August retail sales number released today was strong and represents 6% year over year growth and it’s not just fuel related inflation. The consumer is still spending and rates apparently need to go much higher to fight inflation.
