The Bond Conundrum

Bonds have very nearly pulled even for 2024. Maybe you noticed. 10-year US yields were as high as 4.70% in late April. They're 4.23% now. That's a nice rally. What happens next is an open question. On one hand, the US economy's finally slowing. Or at least it looks that way. And the Fed's likely to cut twice this year, the June dot plot aside. On the other hand, nobody's addressed the fundamental concerns which drove long-end US yields dramatically higher late last summer. Among those factors