Ian Lyngen of BMO says the 10-year Treasury is a “screaming buy,” and its yield will be around 3% the first half of 2024 getting to 3.5% – 3.75% by the end of this year.

Mr. Lyngen is making a colossal call in the face of data indicating higher long term rates – for longer. He believes the lag effects of Fed policy will hit later this year, and the market has already priced in absorbing the higher deficits. Tom Keene jokes that perhaps we should be buying the 97 year Austrian then.