So how much trust should we put in that?

I've been teaching bond math for a very long time, and I always sort of start teaching it.

And it's especially true now by reminding people that forward curves and things like that are not really market expectations.

We don't want to anthropomorphize markets too much.

What it really is, is it's the price of exchanging risk.

When you see those big swings, it doesn't mean that market expectations change.

It means that somebody enormous came in and sold a whole bunch or in order to exchange the risk, We needed to move the price.

So tell us, what's your forecast for inflation, how it's going to end this year and how it's going to evolve from here onward?