Mike, what would you say are some of the main drivers that's causing what we're currently seeing in the market when it comes to yields? Is it mainly a function of higher term premiums given inflation expectations or is there more to the story?

Inflation as well as inflation expectations are definitely key drivers.

A lot has to do with the Iran conflict and its related impact on oil prices that is fueling persistent inflation.

Indeed, the 10-year on February 27th, the day before the US engaged with Iran, was 3.96%.

It has been on a steady rise since and has been above 5% since late September.

Meanwhile, inflation rose to 3.7% in September, primarily driven by a jump in gasoline prices of 9.1%.

So the Fed still has work to do to calm inflation.

Can you remind us again what happened during that time and how likely is it that history will repeat itself?