Today saw the breakdown of average market rates (30Y+10Y+5Y+2Y) with a close of 3.60. Now the focus will turn to the all-important 2 year which at 3.70 will trigger all kinds of mind changes. The Talk of 5 and 6 % market rates will end. This is kind of tricky here because the FED is no longer fighting inflation but is trying to break the mindset of the asset markets which are growing through grass-roots efforts. The Big Money, maybe call them the Larry Fink crowd, are still short everything and they are Powell’s best friends.