The conversation centers on how rising bond yields—driven by inflation concerns and the Iran conflict—have triggered a bear flattening in the curve and recalibrated market expectations around Fed policy. Though rate cuts have been largely priced out, Rosner maintains the Fed is still likely to cut twice in 2024, contingent on core PCE and labor data. Bonds continue to serve as a reliable hedge against equity volatility despite questions about their efficacy amid geopolitical stress, especially as de-escalation appears probable. Credit markets show modest spread widening but no signs of growth distress, reinforcing bonds’ appeal over equities—particularly given their seniority in capital structure and unusually attractive yields. With higher yields improving income potential and lowering duration risk, fixed-income assets are gaining renewed strategic importance ahead of key central bank meetings in the coming month.