RIGID RATES

Rigid Rates With equities at record highs, credit spreads super-tight, commodities near three-year highs, Bitcoin sky-high, first-time unemployment claims at a three-month low of 217K, the unemployment rate at just 4.1%, and car sales running at roughly 16 million/year, there is no reason, outside of housing, for Fed easing at next week’s meeting. By 9/15/25, things may well be different. But for now, oddly enough, doing nothing is the best call.