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2/2 Remember when the Fed was cutting rates between 2024 and 2026 (orange), the 10-year yield rose (blue). This was the first time in 50+ years that a sustained cutting cycle saw long-term yields rise. I've argued this was a market message (maybe screaming) that the Fed was too easy. So, if the market continues to price in a hike for October 28, meaning it is still >50% after payrolls and CPI next month, and the Fed does not deliver a hike, does this pattern of reacting to a "too easy" by sending yields upward continue?