The market has a tendency to overshoot at the very front end of the curve. The Fed is kind of on hold, they said they very clearly they're on hold.

The market's kind of rushed to price rate hikes which seems a little premature.

Right now short-to-intermediate duration looks pretty attractive. Grab the yield, play the carry, wait for the trade.

Stagflation risks have clearly gone up, inflation pressures are mounting and there's some concern about growth.