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well I'm not yawning um I recognize that the Market's yaw well I'm not yawning um I recognize that the Market's yawning but um what we've heard today in terms of the um you know the dots uh which suggest four increases over the next uh year and a half to uh perhaps two and a quarter or two and a half percent and what we've heard in terms of the you know the sell back into the uh treasury market of ultimately $50 billion a month I mean they're very bearish let me just point out one thing that Market should know Brian the market should know that the Federal Reserve itself had a study just this month that the quantitative easing over a period of time lowered 10year treasury rates by close to 100 basis points so you know if at some point in 2018 or 19 um you know a lot of that is gone then the 10-year treasury at 210 below the FED funds rate projected by the FED U at the end of 2018 where has it to go in terms of low interest rates I I think it's a it's a hawkish statement No Doubt okay then is this an economy or a financial Market or both bill that could withstand call it 25% fed funds and a 4% tenure oh that's the key uh the 4% tenure immediately brings to mind where mortgage rates 30-year mortgage rates would be and now we're talking about certainly an increase of 150 to 200 basis points and negative for the housing market and ultimately we're talking about as the FED Ponders as well what the neutral fed funds interest rate is in this type of environment where inflation is at slightly below 2% and doesn't seem to be rising I would think that uh the FED funds rate can go no higher uh than 1 and a half to uh 1 and 3/4% over time given these current conditions given nominal GDP at 4% or less given inflation at 2% or less and so yeah uh I I I think that the FED can't follow through with their dot plan and I think that the FED can't follow through with what they're suggesting in terms of the uh sell backs on the treasury market but uh ultimately um that's their plan and I think the market should begin to to take notice of that at a 210 Treasury we're talking about as the FED Ponders as well what the neutral fed funds interest rate is in this type of environment where inflation is at slightly below 2% and doesn't seem to be rising I would think that uh the FED funds rate can go no higher uh than 1 and a half to uh 1 and 3/4% over time given these current conditions given nominal GDP at the both bill that could withstand call it 22% fed funds and a 4% tenure oh that's the key uh the 4% tenure immediately brings to mind where mortgage rates 30-year mortgage rates would be and now we're talking about certainly an increase of 150 to 200 basis points so negative for the housing market and ultimate a treasury market of ultimately $50 billion a month I mean they're very bearish let me just point out one thing that the market should know Brian the market should know that the Federal Reserve itself had a study just this month that uh quantitative easing over a period of time lowered 10year treasury rates by close to 100 basis points so you know if at some point in 2018 or well I'm not yawning um I recognize that the Market's yawn well I'm not yawning um I recognize that the Market's yawning but um what we've heard today in terms of the um you know the dots uh which suggest four increases over the next uh year and a half to uh perhaps 2 and a qu or 2 and a half% and well we've heard in terms of the you know the sell back into the 19 um you know a lot of that is gone than the 10year treasury at 210 below the FED funds rate projected by the FED U at the end of 2018 where has it to go in terms of lower interest rates I I think it's a it's a hawkish statement No Doubt okay then is this an economy or a financial Market or
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