I’ve been writing about narrative volatility for a while. The half life of narratives are getting shorter! Cool way that GS illustrates it for us data geeks. I just use the 10yr for simplicity. Remember ~2.5 weeks ago (chart below) when the 10yr fell to 4.22 after ADP when rate cuts for Sep near 100%!? We could probably power all Teslas for a week with all the energy hawks and doves have spent debating the 10yr that’s gone almost nowhere for 2 years.