Last April, we wrote an article entitled “Why the Fed May Be Forced to Raise rates, Not Lower Them”. At first glance, our conclusion might appear off the mark. After all, the central bank has since lowered rates three times, to the tune of 100 basis points, justifying the move on expectations of a moderating CPI (unless otherwise stated, CPI refers to the year over year change in the Consumer Price Index). For its part though, the bond market is…

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