This Week in RateLand

Mortgage rates have been struggling for direction, caught between the hope of peak rates and the fear of persistent inflation.

Source: Refinitiv Eikon

After last year's bond market massacre, bond traders want to believe the worst is over. They know that historically speaking, 3.34% is a juicy yield on a 5-year risk-free bond. (The average over the last 20-years is 2.27%.)

Partly for those reasons, many investors have a conscious or subconscious desire to be long bonds, believing rates have topped out.

But they're also keeping their finger on the <Sell> button, knowing that:

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