Rick Rieder

Things you could do to keep that stability of the back end of the yield curve, to keep the mortgage rate in a place where we get real velocity, existing home sales moving.

So anyway, I think there are some things that are...

that can be done that are interesting.

And listen, Matt, I've said it publicly for many months now.

I think if we're running breakeven, you can buy in the market today, five-year inflation breakeven's at 2.35%.

I think the funds rate should be at three.

And I just think you could move it there, and then you don't have to go much further.

I just think the price, you know, in markets, if something's priced wrong, you get it there.

I just think we can get it there, and then look at, and then take another view on where are we today, and do you have to move higher or lower?

But anyway, I think we could move rate a bit lower.

from an investor point of view?

listen i think it's tricky man i you know i have incredible sympathy for and the incredibly you know the sanctity of what that institution as i think what they will continue to do and i think what they do today is they make judgment based on here's the data that we have to interpret what is the right thing for the population at large in terms of managing that policy and i you know i really believe in this and i certainly believe in this fed chair in this fed committee but i think they're gonna make the decision based on let's evaluate the data interpret the data

and make a decision based on that.

I don't think there's any reason to believe that happens any other way than that.