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Welcome to the Risk Reversal podcast, shaking her shoulders there.

That's Elizabeth Thomas.

She of So-Fi.

I'm G. Swizzle.

Of Risk Reversal Media coming to you on the first, well, the last full week of the year, I think. Is that right? Or maybe next week is a full week as well. But then it gets funky, Elizabeth. Yeah. Look, first of all, it's a cold day here in the Northeast. It is. I know you're in a different location than I am, but I'm sure it's cold there too.

It's cold. It's windy. It's winter. I always make jokes about having been from Wisconsin and people complaining here about the cold. And I'm like, it doesn't get cold here. It's cold here today, folks. It gets cold here. It's cold here. I saw that Packers of Green Bay game on Sunday, and I noticed

fans were bundled up. Again, your Packers playing perhaps the best football in the

National Football Conference. Oh, that's a nice compliment. Well, it happens to be true,

but we'll discuss at a later date. But here we are, again, a couple more weeks before things

get, you know, maybe slow down for the holidays. But what's not slowing down, and I think I want to start here, is the bond market because although it's a foregone conclusion that we're going to get a rate cut this week, bond market doesn't seem to be carrying all that much. Yeah. I mean, I'm looking at a chart right now. I've got the two-year yield and the 10-year yield up, and they are up, both of them. Slow grind, it would seem, if you look at this over, you know, shorter-term periods, but it still doesn't make a whole lot of sense. I'm going to stop short of calling this a relationship problem because I don't actually think it is a relationship problem.

But the conventional wisdom would tell you, okay, the Fed's cutting rates, we're expecting more rate

cuts in 2026. Most people are talking about another two or three rate cuts in 26. So why in the

world would Treasury yields be rising? I think there are a number of reasons for this, some that we've

probably over-talk talked by now.

We've got a huge government deficit that continues to grow regardless of some of the efforts,

...