“But, ultimately, I think we’re going to make new higher yields in the first half of 2024,” says Jim Bianco, with the fair value for the 10-Year Treasury between 5.5%-6%.

Consumers aren’t yet concerned about having to re-trench financially.  The job market still seems plentiful.  With a 10-Year at 5.5%, that would bring mortgage rates to about 8.5%-9%, so that might start different discussions about a larger retrenchment in the economy, but we’re not there yet, says Mr. Bianco.