Right now oil and housing are basically what are driving the narrative and as a result, fed policy. I don’t necessarily expect that to last forever but currently it’s very clear that the fed is basically reacting to monthly cpi numbers and the narrative that results from them. This fed has become very easy to predict, hence the massive moves in yields/stocks this morning. That said, if oil were to go back up for a few weeks to 110+ I’d expect the next cpi print to be higher than expected and this move to largely reverse. Kind of crazy so much is based on the price of a commodity nobody can really control, but it’s where we are.