Hello, fellow rebel capitals, hope you're well.

So this evening, we've got three huge topics to discuss.

Number one, the curve has uninverted.

So this begs the question is the stuff about tit the fan.

Number two, Elon Musk is wrong, not just wrong, completely wrong,

about consumer price inflation. I'll explain why in just a moment. And then finally, we've got

my good buddy, Brent Johnson coming on to talk about the dollar and are we seeing the dollar milkshake play out right in front

of our eyes. So you're definitely going to want, you're definitely going to want to stay tuned for

that. Again, we've got Brent Johnson coming on live here in just a moment. So first topic of

discussion. Like I said, let's get over to what is

happening with interest rates and what's happening with the treasury curve. And we've got Fed funds

at the range 4.25 to 4.5. We know that. So it's going to be right around where the actual IOR is going to be right around where we're seeing the one month treasury trade. So I'm guessing 4.33. We can use that as a proxy for where IOR is at any given time. So we look at the front end of the curve.

We see that we still have an inversion between Fed funds, or most likely, still have an inversion

with IOR, or we'll use that as our proxy for Fed funds, even though it's a range, right?

And assuming that we're right around 4.33, we've got the one year at 4.27.

But when you go out to the two-year, we're looking at an uninversion.

But more importantly, guys, more importantly, let's go down to the 10-year treasury yield.

And we can see this at 4.57.

So just as a reminder, the 10-year treasury yield has traded under Fed funds for, the last two years in a long time that is

highly abnormal if you just think about it would you expect interest rates to be longer or excuse

me would you expect interest rates to be higher the longer you lend someone money or the shorter time that you lend someone.

Obviously, the longer you lend someone money, the more risk you have.

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