Guest sees value emerging in long duration, calling 4.5% 10Y & 5% 30Y attractive entry points for institutional capital. This view fades the consensus fear of a broad inflation spillover from energy. Base case is a Fed on hold for the rest of the year, anchoring the front-end. Credit markets remain complacent, absorbing record IG issuance with spreads near historic lows, signaling robust but potentially fragile risk appetite.