The fed is in the wrong place at four and 3/8 for the fed funds rate... They're about 100 basis points too high relative to neutral. So they need to do a recalibration 2.0 another hundred basis points off the rate. The interviewee expects the Federal Reserve to cut rates cumulatively by 100 basis points starting with a dovish 25 basis point cut, implying sharp downward movement in yields in the short term.