Yeah, I mean, we're sitting at the crossroads here too... With the Fed last meeting giving the risk management cut, it seems that they're gonna try to go that direction one more time, but I think they want to be sensitive to incoming data and really focus on the labor market. So I think it's probably a done deal for another cut. The market has two more cuts at subsequent meetings this year. But maybe that December cut doesn't come through as much depending on data. So, here we are once again, data dependent, but with not much government data available.

When I look at the debasement trade, the 30-year bonds across the developed world show investors reject stepping in despite perception of a Fed cutting cycle. Policies are not dollar-friendly, which will put inflation in the US. The dollar has been overvalued nearly a decade. Probably time for stability and to bring the dollar down.

There's been an eerie stability and confidence in the 2% breakeven inflation target. Our portfolios buy short-duration TIPS because of option value. The debasement trade has momentum, especially metals like silver entering discussion recently. Many investors feel the US dollar strength has been overdone, and a decline can be expected.