Bonds continue to churn in a narrow range, and I am pleasantly surprised that yields haven’t already moved above 4.5%. Nothing good happens above 4.5%. The term premium has reverted from its -146 bps financial repression extreme in 2020 to a much more reasonable +83 bps. Whether it keeps rising will likely depend not only on inflation but also the debt composition of the OBBB. We will find out more soon when the quarterly refunding announcement is released.